Despite strict social distancing measures in place, demand for physical goods is booming. While Covid-19 related restrictions have hurt travel, restaurants and retail services, home & interior sales are setting new highs in 2020. We expect this trend to continue through Q4/20 and Q1/21 and have therefore raised our estimates. We reiterate our Buy recommendation with a target price of NOK 120 per share, implying 2021e P/E of 15.5x and a dividend yield of 5.5%.
