We increase our TP to NOK 30 (26) on the back of RECSI’s announced ambition of restarting Moses Lake in Q4’23. The fact that Hanwha expressed an interest in securing all capacity already at this point was earlier than we had anticipated, and massively decreases utilization risk in addition to increasing RECSI’s bargaining position in other discussions. Our TP of NOK 30 is based on what we find to be a conservative DCF-analysis risked by 20%.
