Arendals Fossekompani delivered solid Q2/21 performance from its group companies and power production. The company had an available liquidity position of NOK ~2.8bn at the end of the quarter, which in our view supports both future dividends and investments in AFK Green Energy Development. Our updated NAV estimate points to a value of NOK 345 per share, which offers limited upside to the last closing price. Hence, we downgrade from Buy to Hold.
