The Q4 report was yet another testament to the successful turnaround of Commercial Marine and KDA’s very strong brand recognition internationally with several new nameplate awards. Strong backlog provides good comfort for revenue growth, but we believe KM’s margins will lag the company’s guidance. Despite this, we argue 2022e PE of 14x and 5% DPS yield are attractive; hence upgrade to BUY (Hold). Our TP of NOK 214 (165) is from a SOTP DCF analysis
