We expect NORBIT to report Q2/21 EBIT of NOK 18m, 12% above latest Factset consensus of NOK 16m. We estimate Y/Y revenue growth of 8%, driven by a continued recovery within Oceans. We expect ITS sales to show a positive development Q/Q, following soft performance in Q1/21. We reiterate our Buy recommendation with a TP of NOK 26, corresponding to more than 30% upside potential. Our TP implies 2022e EV/EBIT of 10.4x and P/E of 12.9x.
