2023-08 Arctic : BUY (34NOK) +78% upside
2023-05 Pareto : BUY (35NOK) +84% upside
2023-05 ABG : BUY (32NOK) +68% upside
Arctic 2023-18-14: “We reiterate our Buy recommendation and NOK 34 TP and argue that Volue is screening attractive at 20x EV/EBIT for 2023, decreasing to 11x in 2024. This compares to the SaaS average peer group at 26x/24x and ESG peers at 24x/18x in 2023 and 2024, respectively.”