Following a relatively neutral quarter, we reiterate Hold with an unchanged TP of NOK 254/sh. Guiding is kept unchanged and we only make minor estimate changes. We appreciate the USD 15m buyback program, which on an annualized basis really brings the total return up to a solid level. That said, we find a ’25 adj. P/E of 13.2x rich… even though we see it dropping to 11.5x next year.
