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Nyhetsflöde Scanship Holding

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2/24/2023 7:15:11 AM - Vow: Full steam ahead - Nordea - Vow posted record-high full-year sales and profits, with EBITDA profitability in all three segments. H2 sales were in line with company-compiled consensus and Aftersales returned to pre-COVID-19 levels, but Cruise and Landbased margins were softer than expected (3 pp), with the latter's sales 14% below consensus. We tweak our 2023 estimates to include an increased cost base but argue that the Landbased segment is exposed to vast market opportunities in the longer term. We lift our Landbased estimates accordingly, reaching a 38% 2022-25E CAGR, with our estimate changes resulting in a SOTP-based fair value of NOK 36-41 (35-39). Combining this with its track record, fully funded EBITDA-positive model and favourable trading to peers, we view Vow as an attractive proposition. Marketing material commissioned by Vow.
2/10/2023 7:15:27 AM - Vow: Contract awarded for converting heat treatment furnaces from fossil gas to electric operations - Nordea - This morning, Vow announced that it has been awarded an order for converting four heat treatment furnaces from fossil gas operations to electric operations. The contract, which is from Uddeholm (a Swedish metals manufacturer), holds a contract value of around NOK 24m, which takes the Vow subsidiary CH Evensen’s order backlog to a total of NOK 155m.
2/2/2023 7:08:37 AM - Vow: Awarded three Safesteril contracts - Nordea - This morning, Vow announced that the company has received orders for three Safesteril food safety systems (plants for processing of dehydrated products in the food, pharmacy and petfood industries), for a total value of EUR 2m (c. NOK 22m on today’s exchange rate). As for the contract, two are in new European market segments and one is with a Chinese customer, with the orders expected to come into the company’s order intake for the first quarter in the company’s landbased segment.
10/26/2022 7:38:40 AM - Vow: Back-end loaded 2022 expected - Nordea - Vow will publish its Q3 trading update on Thursday, 27 October (as a reminder, the company reports semi-annually) and we expect positive Q3 P&L developments versus last year following record-high revenues, profit and backlog in H1 2022. In our view, the key focus points of the report include top-line revenues, where we expect a back-end loaded 2022 (our estimate: NOK 480m versus NOK 400m in H1) given Vow’s guidance of revenues doubling in 2022 from 2021 levels. Other important points include how well the company will be able to hold EBITDA margins in the current inflationary environment, with other cleantech companies reporting share price volatility given margin pressure. On a segment level, we will pay attention to developments in the Landbased division, which was the largest segment for the first time during H1 2022, while progress in the cruise segment (which Vow noted was back to near pre-COVID levels in H1 2022) will also be of interest.
8/26/2022 5:47:44 AM - Vow: Record-high revenue, profit and backlog - Nordea - Vow reported strong headline figures across the board for H1. Cruise activity is picking up speed, while Landbased continues its strong performance, beating our expectations and growing more than 4x y/y. We consider the report yet another step in the right direction for the company, which currently trades at a large discount to cleantech peers – despite its positive EBITDA contributions across the board. We keep our SOTP-based fair value range of NOK 35-39 unchanged, arguing the company is significantly undervalued at current levels.
8/25/2022 7:08:45 AM - Vow: All-time-high revenue, profits and backlog in H1 - Nordea - Vow published its H1 report this morning, with strong headline figures. Revenues came in highest ever, along with profits and backlog. Revenue came in at NOK 400m, 7% above our estimate and 4% above consensus. Adjusted EBITDA reached NOK 53m, 7% above us and consensus.
8/27/2020 8:29:09 AM - Vow: Strong order book will be supportive - Nordea - Low cruise activity is putting Vow's aftersales market under pressure in the short term. Although EBITDA came in below our expectations, the company continues to display y/y growth. We also find its currently strong order book of NOK 1,146m supportive, as it secures revenues into 2024 and 2025 via newbuild projects. As we enter autumn, we expect Vow's installations within its land-based activities to become operational, and we believe that the proof of concept will result in further contracts. In line with our negative estimate revisions, we reduce our DCF-based fair value range to NOK 19-24 per share.