Norbit reported 2022 sales growth of 48% fuelled by all three segments and total sales well above its target of NOK >1.1bn. We expect Norbit to reach its 2023 and 2024 revenue targets of NOK >1.4bn and NOK >1.5bn in light of strong demand for its products and solutions. Additionally, we expect profitability to follow with a healthy product mix and operational leverage. We reiterate our Buy and raise our TP to NOK 45 (40), corresponding to a 20% upside.
