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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.
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