Vow: All-time high revenues penned in and positioned for growth, but lumpiness in Industrial segment bites on margins - Nordea

Vow posted all-time high HY revenues this morning, registering group sales of NOK 449m (3% above NDA estimates, 1% below company-compiled consensus), 12% up from a year earlier and driven by strong results in Maritime (28% y/y growth) and Aftersales (77% y/y growth). However, down the P&L the company penned in NOK 30m in group EBITDA, >40% below consensus and representing an EBITDA margin of 6.6%. The main driver for the miss was the Industrial segment, which posted EBITDA margins of -0.3% (NOK -0.5m EBITDA vs NOK 25m a year previous) and reflected the lumpy nature of the division (the company notes delayed confirmation/announcement of Industrial projects as well as significant capacity build-up in anticipation of new orders). Other segments came in broadly in line on the margin front, thus meaning a beat to consensus in Maritime and Aftersales. Elsewhere, corporate costs came in 16% higher than cons., while the group orderbook (exc. Options) came in at NOK 1.15bn (vs. NOK 1.26bn NDA est).