Q4 was characterized by higher prices and volumes than we anticipated, and we consequently revise our ’22 estimates somewhat higher. With Build Back Better seeming stranded in its current form, we have delayed our base case reopening point by six months and lowered the reopening probability by 10pp. That said, by increasing the ML margin assumption and moving the valuation point out to YE’22, we revise our TP only slightly down to NOK 26 (27).
