We keep our Hold recommendation as we continue to argue the near-term headwinds will outweigh the ample growth in Defence we see the coming years. We believe COVID will hamper the Q2 results in Maritime, while new large contract signings will be delayed in Defence. Our DCF based target of NOK 165 (164) implies a 2021-2022e EV/EBITDA of 10x and 8x, but we find substantial upside and potential extraordinary DPS when uncertainties ease.
02 Jul 2020
Awaiting more visibility, still a Hold
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Awaiting more visibility, still a Hold
Kongsberg Gruppen ASA (KOZ:FRA) | 0 0 0.0%
- Published:
02 Jul 2020 -
Author:
Sveinung Alvestad -
Pages:
14
We keep our Hold recommendation as we continue to argue the near-term headwinds will outweigh the ample growth in Defence we see the coming years. We believe COVID will hamper the Q2 results in Maritime, while new large contract signings will be delayed in Defence. Our DCF based target of NOK 165 (164) implies a 2021-2022e EV/EBITDA of 10x and 8x, but we find substantial upside and potential extraordinary DPS when uncertainties ease.