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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.
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