Kongsberg Maritime shares climb after growth targets update
BUZZ-Kongsberg Maritime shares climb after growth targets update ** Kongsberg Maritime KMAR.OL shares rise about 3% after the Norway‑based global maritime technology company provided a Capital Markets Day (CMD) update
** Targets of 10% annual growth through the cycle and EBITDA margin of above 16% suggest upside to estimates versus consensus, SEB analyst Petter Billing says
** After uncertainty around how to think about the company in the long term, the CMD provides some “relief” in the sense that one can have confidence in its long-term growth and further margin expansion, he adds
** Analyst Lukas Daul from Arctic Securities notes that the long-term ambitions are reasonably well received given the stock has been weak ahead of the CMD
**As of the previous session's close, Kongsberg Maritime shares had lost about 20% of their value since the company listed on April 23 following its spin-off from Norwegian defence company Kongsberg Gruppen KOG.OL
** Daul adds that lower short-term growth of 0-5% overshadows longer-term ambitions and is likely on the soft side versus market expectations
(Reporting by Alexander Klyve Gudbrandsen)