NORBIT’s solid profitability and strong cash flow generation separates it from most other fast growing small caps. Supported by our estimated net interest bearing debt of NOK 7m, we expect the Board to declare the company’s first dividend since the Q2/19 IPO. We estimate a 2019 DPS of NOK 0.60, corresponding to a payout ratio of ~40%. Based on latest close, this corresponds to a dividend yield of 3.4%. We reiterate our Buy recommendation with a TP of NOK 30.
