We reiterate our Buy recommendation with a TP of NOK 230/sh (195). Norbit delivered a stellar first half of 2025 and expects to close the second half on a similarly strong note. While a guidance increase was expected, Norbit surprised on the upside, now guiding for NOK 2.5–2.6 bn in 2025 revenue with a 25% EBIT margin. Given the company’s strong track record of delivering on guidance, we view the new targets as a solid floor for what can be achieved, with potential for upside. While the stock ha ....
