Rankings Machinery & automation Vow
Vow
36
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Debt and liquidity−14
- Margin−10
- Capital allocation−6
Strengths
- Order book+3
How the score is built
From 100 to 36, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 2.70 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +71%
- P/E (trailing)
- n/a
- Forward P/E
- 3.1
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−23 of −30
- −10MarginLoss-making: net margin −16.6% and operating margin −1.4% (TTM) after net losses of NOK 155m, 132m and 287m in 2023–2025. Q2 2026 was the first positive pre-tax result (12m) in several quarters.
- −3Quality of growthIndustrial Solutions has shrunk from NOK 382m to 222m (TTM), and the 134m order book is expected to fall further. Growth comes only from Maritime.
- −2MoatThe Scanship systems supply all the major cruise lines and have over 70 ships on service agreements, but the market is a niche with a few strong customers.
- −6Capital allocationThe share count more than doubled in 2025 (dilution of 141%), and the bets on industrial pyrolysis (including Vow Green Metals/Follum) have been expensive.
- −2Future segmentAftersales (19.6% margin) is a good segment, but the industrial and pyrolysis business is still unproven.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −6Multiples vs own historyP/B 4.6 vs 1.1–3.6 in 2023–2025 (on thin equity of NOK 210m) and P/S 0.87 vs 0.57–0.78 in 2024–25. The share price is up about 40% since the Q2 report (2.33 → 3.30) with no new figures.
- −3FCF multipleP/FCF of 7.6 looks cheap, but FCF (NOK 125m TTM) is carried by project payments and working capital. Cash was only 13.8m at the end of Q2.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−29 of −35
- −14Debt and liquidityCash 13.8m vs NOK 421.6m of interest-bearing debt. The debt is classified as short-term, a covenant waiver was obtained again for Q2 2026, and refinancing with DNB is under way. Current ratio 0.54 and Altman Z 0.36.
- −5Customer behaviourA late payment of over NOK 100m from one large maritime customer caused a liquidity squeeze in Q2. Revenue depends on newbuild orders from a few cruise lines and shipyards.
- −4ExecutionLoss-making fixed-price contracts drove the losses in 2023–2025, and 29% of the Maritime order book is still legacy contracts on the old terms.
- −3Ownership overhangThe lender DNB sold 35.8m shares at NOK 2.40 in Dec 2025 and kept about 12.3%, which is free after a 90-day lock-up. The bank is both creditor and major shareholder.
- −3Share price riskThe share price is up 65% over 52 weeks; beta 1.55 and RSI 85 (overbought).
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Order bookThe order book is NOK 1.6bn (+16% y/y) with contracts to 2034, plus 321m in options and about 150m in new orders after the quarter (about 1.5× annual revenue).
Caveats
What the score does not capture, or where the data is weak.
Cash NOK 13.8m vs 422m of interest-bearing debt; refinancing with DNB has not been completed, and covenant waivers have been obtained several times; Q2 2026 was the first profit in a long time
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