We reiterate our Buy recommendation with a TP of NOK 105. We have made moderate adjustments to our estimates following the Q1 report. Given the strong order backlog of over NOK 9bn, we currently see low risk to our 2025/2026 estimates. Endúr is set for a significant earnings growth in 2025 and 2026, with adjusted EBITA expected to more than double from NOK ~200m in 2024 to NOK 480m in 2026e, driven by strong growth across all segments. With increased defence spending expected over multiple years ....
