Vow reported strong headline figures across the board for H1. Cruise activity is picking up speed, while Landbased continues its strong performance, beating our expectations and growing more than 4x y/y. We consider the report yet another step in the right direction for the company, which currently trades at a large discount to cleantech peers – despite its positive EBITDA contributions across the board. We keep our SOTP-based fair value range of NOK 35-39 unchanged, arguing the company is significantly undervalued at current levels.
LÄS MER