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.