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.