The company has delivered 2 quarters (high season) of positive EBITDA, and showed significant improvement within its core KPIs. Additionally, the recent trading update released in January strongly suggested the company is set to reach its 2024 EBITDA guiding of NOK 200m. In terms of market outlook, FX tailwinds in combination with real wage growth within HKY’s core demography, has set the stage for a strong cruise market going forward. We keep our Buy recommendation with a TP of NOK 1.17/sh.
