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On 27 October 2022, Vow released its Q3 update (the company reports semi-annually), posting nearly double the revenue (NOK 189m) reported in Q3 2021, a sign of strong progress. The EBITDA margin (12.9%) held relatively steady (an impressive feat in the current market), with any segmental misses largely due to the product mix. The one blemish was an implied miss to initial guidance. We trim our 2022 estimates accordingly, but stress that this is mostly due to timing, rather than missing any contracts. Going forward, we continue to see Vow as attractive, with a combination of our SOTP-based fair value upside (NOK 35-39), EBITDA positivity, margin resilience and a more than 40% discount to cleantech peers for EV/sales for 2023E-24E reaffirming our view. Marketing material commissioned by Vow.
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