AMSC is selling the JA fleet, while rewarding investors with a DPS of NOK 25.1/sh and setting up for growth. We arrive at a Q4/23e equity value of NOK 53.1/sh, which we argue is on a rather conservative basis (i.e. assuming no growth), and this means that the market is not attributing any value to Normand Maximus. We value the single asset platform with stellar economics to be worth USD 156.5m, vs. the implied value of USD 88.1m. Buy reiterated, while we lower our TP to NOK 50/sh.
