The recent share price weakness is in our view partly attributable to Q1’23 being expected to be fairly flat YoY. However, unchanged full-year EBITDA guidance implies margin expansion in H2’23, which we expect to carry on in 2024, supported by above-average revenue coverage. A higher 2022 divi signals confidence, and as highlighted in the recent Annual report, we expect more focus in future on returns and shareholder distributions. BUY, TP NOK 160.