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SENASTE
Vow's legacy business reported impressive margins for H2 2020, and it is now structuring the organisation for further growth within land-based activities. We argue that the LOI with Elkem will be accretive as it secures biocarbon offtake, and should increase the scale of production at Follum. We lift our fair value range to NOK 49-60 (35-40) per share based on our SOTP valuation.
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