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Nyhetsflöde Vow

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9/21/2023 6:45:24 AM - Vow: Modification order received within Industrial segment - Nordea - This morning, Vow announced a modification order for a hybrid heating system on a hot-dip galvanising furnace for LCC Group. The contract value is NOK 24m, with delivery expected in 2024. The hybrid system will essentially allow the furnace to operate at full capacity, utilizing both electric power and gas heating, while running entirely on renewable energy. Once installed, the furnace will be the largest of its kind in the world.
9/18/2023 7:43:03 AM - Vow: Industrial contracts secured - Nordea - This morning, Vow announced that the company has been awarded three contracts in its Industrial segment (through its subsidiary CH Evensen). The total value of the contracts is NOK 17m, with the largest (NOK 10m) being for a FEED for a major international pyrolysis project. Crucially, the award of this project paves the way for a larger process equipment contract, according to the company. The other two contracts included the supply of the company’s electrical hot dip galvanizing furnace to a global market leader in material science (furnaces are set to be delivered to the client’s manufacturing facilities in Brazil and China).
8/29/2023 1:30:09 PM - Vow: USD 5m cruise retrofit contract received - Nordea - This afternoon, Vow announced that it has been awarded a retrofit contract with a major (undisclosed) cruise line company. The contract holds a contract value worth USD 5m (around NOK 50m), which as we have it takes Vow’s maritime order backlog to around NOK 690m taking H1 levels as a base. With regards to specifics, Vow will supply and install its state-of-the-art wastewater purification systems, with the delivery of process equipment and onboard installation scheduled for 2024.
8/24/2023 5:28:01 AM - Vow: Temporary margin bite hides future potential - Nordea - Vow's H1 results showed encouraging performance in both the Maritime and Aftersales divisions; however, the limelight was taken by a very soft Industrial segment, which drove group EBITDA down by over 40% y/y. We adjust our model to account primarily for the Industrial segment's results and an uptick in corporate costs (we lower 2023 EBITDA by 33%), although we stress that the lumpy nature of the Industrial financials is short term, with a rebound on the cards. Our estimate changes result in a lowering of our fair value range to 34-39, although we highlight significant upside with the established Maritime segment covering the entirety of current share levels. With strong Industrial datapoints to come and long-term financing in place, we believe the future looks bright for Vow. Therefore, we see a good entry point once the dust settles. Marketing material commissioned by Vow.
8/23/2023 6:39:08 AM - Vow: All-time high revenues penned in and positioned for growth, but lumpiness in Industrial segment bites on margins - Nordea - Vow posted all-time high HY revenues this morning, registering group sales of NOK 449m (3% above NDA estimates, 1% below company-compiled consensus), 12% up from a year earlier and driven by strong results in Maritime (28% y/y growth) and Aftersales (77% y/y growth). However, down the P&L the company penned in NOK 30m in group EBITDA, >40% below consensus and representing an EBITDA margin of 6.6%. The main driver for the miss was the Industrial segment, which posted EBITDA margins of -0.3% (NOK -0.5m EBITDA vs NOK 25m a year previous) and reflected the lumpy nature of the division (the company notes delayed confirmation/announcement of Industrial projects as well as significant capacity build-up in anticipation of new orders). Other segments came in broadly in line on the margin front, thus meaning a beat to consensus in Maritime and Aftersales. Elsewhere, corporate costs came in 16% higher than cons., while the group orderbook (exc. Options) came in at NOK 1.15bn (vs. NOK 1.26bn NDA est).
8/17/2023 6:21:56 AM - Vow: Cruising along - Nordea - Vow will report its Q2 2023 results on 23 August. We pencil in sales of NOK 435m (up 14% from H2 2022 levels) and an EBITDA margin of 12.1% for H1. We expect the report to focus on the high-growth Industrial segment, where a project milestone has given rise to a back-end loaded year, and Maritime benefitting from strong commissioning activity. We make minor negative adjustments to our group-level estimates in the near to medium term (i.e. ~2% lower EBIT for each year), but this does not affect our SOTP-based fair value range of NOK 36-41. Vow's EBIT-positive characteristics and current share price imply almost no value attributed to the Industrial segment; we still see Vow as a strong choice in the Cleantech space.
7/17/2023 6:44:23 AM - Vow: All permits obtained for Biochar US project – equipment delivery next quarter - Nordea - This morning, Vow announced that the company’s record USD 27m contract for a Biochar/renewable energy system (announced in May 2022) has now obtained all required permits. Given this, the project has now moved into the procurement and construction phases. Equipment delivery will now begin next quarter (Q4 2023), with commissioning expected in early 2025 (c. 15-18 month delivery time). As a reminder, Vow’s deliverables for the 6,000 tonne per year biochar production plant include four BioGreen pyrolysis reactors, as well as some upstream/downstream equipment.
5/10/2023 5:41:24 AM - Vow: Impressive activity across the board - Nordea - Vow published its Q1 update on 9 May, posting a 14% beat to company-compiled consensus on the top line and a 4% beat on EBITDA. Segmentally, Vow noted all-time-high activity in Maritime (formerly Cruise), with Aftersales also rebounding 88% y/y. We adjust our estimates accordingly, resulting in 3% and 2% revenue uplifts for 2023E and 2024E, respectively. However we soften our margin forecasts, resulting in, respectively, 2% and 5% decreases for the same years. Our estimates imply an unchanged SOTP-based fair value range of NOK 36-41, with the value of the established Maritime segment more than covering the entire share price level at present. Combining this with a more than 30% share price drop YTD, an unwarranted share price fall on the day of the Q1 report, and more than a 50% discount to Nordic cleantech peers on an EV/EBITDA basis, we see good value in Vow. Marketing material commissioned by Vow.
5/9/2023 6:18:20 AM - Vow: 14% top-line beat to consensus driven by - Nordea - Vow released its Q1 2023 trading update this morning (as a reminder, the company reports semi-annually), posting a 14% company-compiled consensus beat on the top-line and 4% at the EBITDA level. Group revenues came in at NOK 236m, 29% up y/y and 25% up q/q driven by a strong consensus beat in the cruise segment. Aftersales also bounced 86% y/y, while landbased came in 11% above consensus. At the EBITDA level, group EBITDA beat consensus by 4% (NOK 26m), however increased corporate costs as well as compressed cruise margins contributed to a 1pp EBITDA margin miss vs. consensus. The order backlog was 1.2bn excl. options, with the number driven by a 58% increase in the landbased segment. Going forward, the company notes strong newbuild activity in the cruise segment (now named maritime) and several opportunities arising in the land-based segment (now named industrial).
5/8/2023 5:21:24 AM - Vow: Back-end loaded 2023 on the cards - Nordea - Vow will publish its Q1 update on 9 May (the company reports semi-annually). In summary, we expect to hear of positive developments in the Cruise and Aftersales segments, with Q1 results expected to reveal 15% and 60% y/y growth, respectively, for the first half of the year. On the Landbased side, we see strong growth potential in 2023 (~30% y/y growth for 2023E), although we expect this growth to be more back-end loaded for the year. Going forward, we trim the 2023E top line by 3% and build in a slower EBITDA margin uplift. However, our tweaks are insignificant for long-term value changes, and our fair value range remains at NOK 36-41 per share. Marketing material commissioned by Vow.
2/23/2023 7:14:51 AM - Vow: Record-high FY revenues and profits - Nordea - Vow published its H2 22 report this morning, with the numbers securing record FY revenue (landbased growing nearly three-fold y/y) and profit figures (FY 2022 EBITDA more than doubled, from NOK 41m to NOK 92m). For the H2 period, revenues came in at NOK 383m (vs. Nordea NOK 405m & consensus NOK 375m), implying Q4 revenues broadly in line with Q3 revenues and thus hitting company guidance. On the segmental level, Aftersales bounced back strongly to pre-pandemic levels (NOK 71m vs consensus NOK 62m), while cruise revenues also grew 32% y/y to NOK 191 (Nordea NOK 199m, consensus NOK 171m), in the landbased segment, revenues came in softer than expected (NOK 121m vs consensus NOK 141m), but still represented a 63% growth from last year. At the margin level, both cruise and landbased EBITDA margins saw a compression vs. expectations, pushing group recurring EBITDA margin to 10.1% (2.7pp below consensus expectations). Elsewhere, the backlog (inc. options) remains above NOK 2bn (although a slight drop y/y), while company has not provided any specifics in regards to timing.
2/22/2023 6:17:17 AM - Vow: Record revenue and top-line growth on the cards - Nordea - Vow reports its H2 2022 results on 23 February. We expect key focus points to be developments in the Landbased segment (further to several recent new announcements), cruise progress and guidance for 2023. We raise our top-line Cruise estimates, which drives expected sales of NOK 805m (NOK 789 previously and 1% above company-compiled consensus), while we shift some H2 revenues for Landbased into H1 2023 and adjust the cost base up in the near term. Our NOK 35-39 fair value range remains steady despite these tweaks; we maintain our positive view, given EBITDA positivity across all segments and 2023/24 EV/sales at 40% below cleantech peers. 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.
12/21/2022 7:26:26 AM - Vow: Several positive announcements to round off the year - Nordea - Vow has announced several positive announcements so far in December across their product offerings. This morning, the company announced that Vow (through their subsidiary CH Evensen) has been awarded 5 large orders of advanced technology in December (with ThyssenKrupp being named as one of the customers). Here, the total orders have a combined value of NOK 57m, with the company noting strong backlog developments for CH Evenson given the backlog is now well over 2x the levels seen at the beginning of the year (NOK 130m vs NOK 58m). Furthermore, yesterday Vow and ETEL subsidiary Murfitts Industries (the largest collector and processor of end-of-life tyres in the UK) announced an agreement to recycle end of life tyres in Europe, North America. Vow will provide the equipment to valorise the tyres to recover carbon black, which makes up 30% of a tyre and is usually derived by cracking fossil oils. No specifics of economics or timing yet, but the global market is 30m tonnes end of life tyres generated globally, with the target markets representing around 8.6m tonnes (29% of global share), which implies around 300 industrial tyre recycling plants.
10/28/2022 7:31:40 AM - Vow: Strong momentum despite implied full-year miss - Nordea - On 27 October 2022, Vow released its Q3 update (the company reports semi-annually), posting nearly double the revenue (NOK 189m) reported in Q3 2021, a sign of strong progress. The EBITDA margin (12.9%) held relatively steady (an impressive feat in the current market), with any segmental misses largely due to the product mix. The one blemish was an implied miss to initial guidance. We trim our 2022 estimates accordingly, but stress that this is mostly due to timing, rather than missing any contracts. Going forward, we continue to see Vow as attractive, with a combination of our SOTP-based fair value upside (NOK 35-39), EBITDA positivity, margin resilience and a more than 40% discount to cleantech peers for EV/sales for 2023E-24E reaffirming our view. Marketing material commissioned by Vow.
10/27/2022 8:01:59 AM - Vow: Revenue doubling y/y, positive EBITDA contribution from all segments, but can they hit FY top-line guidance? - Nordea - Q3 trading update released this morning (the company reports semi-annually, no quarterly consensus available), posting a fundamentally strong report with a big beat vs. Q3 ’21 levels and EBITDA positivity from all segments, however short-term focus will be on whether the company will be able to reach top-line FY22 targets at the beginning of the year. At the group level, Vow posted Q3 revenues of NOK 194m, an almost doubling vs. Q3 2021, with EBITDA coming in at NOK 25m, implying a 12.9% EBITDA margin (vs. 8.2% in Q3 ’21 and 13.3% at the mid-point in 2022). At the segmental level, Cruise represented the largest sector with NOK 82m (NOK 61.7m Q3 21) revenue contribution, whilst Aftersales rebounded y/y (NOK 32m vs NOK 14m in Q3 21) with the company citing cruise ships around the world resuming normal operations. In the Landbased segment, revenues were NOK 79m, with EBITDA margins of 15.1%, higher than 13.5% at H1 22 and -20.6% Q3 ’21. Vow’s backlog including options came in at NOK 2,189m, 3% above Q3 21 levels but slightly below levels at the H1 stage.
8/23/2022 5:15:15 AM - Vow: Operational momentum set to continue - Nordea - We expect that Q2 was yet another strong quarter for Vow, which reports its H1 results on 25 August. Cruise activity is bouncing back, while the order intake for the Landbased segment is booming. Combining this with a solid order backlog that provides revenue visibility well into 2025/26, we argue that Vow is an intriguing cleantech play to have on the radar. We make minor estimate changes ahead of the report and maintain our fair value range of NOK 35-39, implying about 50-70% upside to current levels. Marketing material commissioned by Vow.
5/16/2022 7:19:30 AM - Vow: Largest single Landbased contract in Vow’s history - Nordea - This morning, Vow announced that it has entered into an agreement valued up to USD 27m – the largest single Landbased contract signed by Vow to date. The agreement is with an undisclosed North American renewable energy company, with Vow to deliver a complete biocarbon production system (this includes four BioGreen lines). With regards to timing, engineering starts immediately with timing of subsequent stages in the project is pending government permits and final design.
5/6/2022 6:52:08 AM - Vow: Q1 operational update: All-time-high results, growth in all ends of the business - Nordea - Vow published an operational update for Q1 yesterday (the company reports semi-annually). We have seen an overall positive development across all the segments, with clear signs of increased activity. We argue that the trading update was in line with the development we expected in the short-term. However, we note several positive datapoints, thus providing further confidence around our full-year estimates. Revenue in Q1 doubled y/y, reaching NOK 182.5m, in addition to an EBITDA of NOK 23.6 (12.9% margin). Lastly, contract newsflow has been strong for the past months, and we see strong demand across all parts of Vow’s business. The order backlog (incl. options) is at high levels, reaching NOK 2.1bn in the quarter (up 31% y/y). The company reiterated its full-year revenue guidance, and we expect limited consensus estimate revisions following the update. We still view Vow as attractive at current levels, trading at 2024E EV/EBIT of 10.5x and P/E of 14.0x and still see between ~55-70% upside to current share price on our fair value range of NOK 35-39 per share.
2/24/2022 8:15:39 AM - Vow: Long-term story remains attractive - Nordea - Vow published its H2 update on 23 February with numbers slightly below our expectations. However, the report contained several positive datapoints validating the equity story. The order backlog remains high, providing clear visibility on 2022 revenue. The Landbased segment delivered its first ever positive EBITDA and we have seen an increasing number of cruise ships in service from Q3 and Q4 2021. We still believe in Vow's green credentials and flag that the Landbased segment will become a significant growth engine. Following the report, we make only minor revisions to our 2022E-2024E estimates and reiterate our SOTP-based fair value range of NOK 35-39 per share. Marketing material commissioned by Vow.
10/28/2021 7:22:06 AM - Vow: Transitory softness in Q3 - Nordea - Vow published its Q3 trading update yesterday (27 October), with overall numbers falling short of street expectations. Cruise activity has started to pick up again after the COVID-19 slump in H1, but longer lead times than expected are impacting Vow's earnings. Group revenue has remained stable y/y, albeit with deflated margins and EBITDA down 25% over the same period. The soft numbers in the quarter were mainly driven by the phasing of project delivery schedules; we expect a catch-up effect going into 2022 – but highlight that visibility is low on earnings for the rest of the year. We therefore take a more cautious approach on the recovery pace and lower our estimates. We still see scope for a sequential improvement in the underlying market going forward. Following the report, we revise our fair value range to NOK 35-39 (38-41) per share based on SOTP valuation. Marketing material commissioned by Vow.
10/27/2021 7:21:21 AM - Vow: Soft Q2 results - Nordea - Q3 trading update released this morning (the company reports semi-annually, no quarterly consensus available). The numbers were on the soft side. On a group basis, revenue came in at NOK 97.8m, down from NOK 97.9m in Q3 2020, while EBITDA reached NOK 8.1m (8.3% margin), down from NOK 10.7m (8.3%) in Q3 2020. Restrictions relating to the COVID-19 pandemic were gradually lifted during the quarter which resulted in increased activity in the cruise industry and growth in the aftersales business. During the quarter, the company secured several milestone contracts, resulting in an all-time high current order backlog of NOK 2.1 billion (incl. options). Overall, however, the results were below our expectations, but we argue that the long-term outlook still remains attractive for the company.
8/31/2021 5:38:37 AM - Vow: An attractive growth story ahead - Nordea - The long-term equity story for Vow remains attractive, with significant growth potential within Landbased backed by increased activity within Cruise. The company offers technology that creates a circular economy for a range of industry verticals – and it has secured contracts and partnerships with key industrial pioneers such as ArcelorMittal, Repsol and Wakefield. Increased cruise activity following the reopening of societies should boost revenue and margins for its legacy business. Following the H1 2021 report, we cut our estimates for 2021-23. The negative estimate revisions are also partly due to the spin-off of Vow Green Metals. After the spin-off of Vow Green Metals, we reduce our fair value estimate range to NOK 38-41 (49-60) per share, based on our SOTP valuation model. Marketing material commissioned by Vow.
5/3/2021 7:56:04 AM - Pareto gör sex ändringar i norska aktieporföljen - Pareto Securities norska aktieportfölj gav en avkastning på 0,5 procent under april, vilket var sämre än jämförelseindex OSEBX uppgång på 1,7 procent.
4/29/2021 1:52:28 PM - Vow: Q1 trading update - Nordea - Vow published its Q1 2021 trading update today (it reports semi-annually). The results were soft due to an inactive cruise fleet, which continues to have a negative impact on Aftersales, in addition to negative margins within the Landbased operation as the company prepares its business to cope with future demand.
4/6/2021 7:04:15 AM - Pareto Securities gör tre ändringar i norsk portfölj efter stark mars - Pareto Securities norska aktieportfölj gick starkt i mars med en avkastning på 7,7 procent, vilket var bättre än jämförelseindex som steg 5,1 procent.
3/11/2021 9:43:37 AM - Oslobörsen petar in sju nya aktier i börsindexet OSEBX - Oslobörsen har meddelat uppdatering av handelsplatsens benchmarkindex, OSEBX, som innehåller sju förändringar med effekt efter stängningen den 19 mars.
3/9/2021 7:06:07 AM - Vow: Set for further growth - Nordea - Vow's legacy business reported impressive margins for H2 2020, and it is now structuring the organisation for further growth within land-based activities. We argue that the LOI with Elkem will be accretive as it secures biocarbon offtake, and should increase the scale of production at Follum. We lift our fair value range to NOK 49-60 (35-40) per share based on our SOTP valuation.
2/23/2021 1:16:32 PM - Dessa sju bolag kommer att ta klivet in på Oslobörsens huvudlista enligt DNB - Paul Harper på DNB Markets har räknat ut sju aktier som väntas ta plats på Oslobörsens huvudindex i mars.