We reiterate our Buy recommendation with a target price of NOK 115/sh. The Q3 report felt very much like the Q1 report, with a soft Oceans result affected by quarterly fluctuations, which can drive results in either direction. Importantly, the company reaffirmed its full-year guidance from Q2 (and more important its 2027 revenue ambition of NOK >3bn), expecting 2024 revenue of NOK 1.75bn consistent with the lower end of its previous 2024 organic revenue range of NOK 1.7–1.8bn, excluding Innomar. ....
