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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.
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