We reiterate our Buy recommendation with a TP of NOK 230/sh. While Q3 results came in slightly below expectations, we attribute this mainly to the timing of an order now expected in Q4/25 and normal quarter-to-quarter gross margin variation in Oceans driven by product mix. We highlight that Norbit reiterated its 2025 financial targets despite maintaining a conservative outlook on GNSS (4G) OBU volumes for Q4 deliveries. Given the company’s solid track record of meeting guidance, we expect Norbit ....
