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Q3 trading update released this morning (the company reports semi-annually, no quarterly consensus available). The numbers were on the soft side. On a group basis, revenue came in at NOK 97.8m, down from NOK 97.9m in Q3 2020, while EBITDA reached NOK 8.1m (8.3% margin), down from NOK 10.7m (8.3%) in Q3 2020. Restrictions relating to the COVID-19 pandemic were gradually lifted during the quarter which resulted in increased activity in the cruise industry and growth in the aftersales business. During the quarter, the company secured several milestone contracts, resulting in an all-time high current order backlog of NOK 2.1 billion (incl. options). Overall, however, the results were below our expectations, but we argue that the long-term outlook still remains attractive for the company.
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