Following a strong set of Q4/20 results and a positive start to Q1/21, we increase our estimated EBITDA by 7% for 2021 and 6% for 2022. However, our target price remains unchanged at NOK 48 per share as we see limited growth potential in the medium term. We downgrade our recommendation from Hold to Sell, as we expect tough comparables and a stretched valuation to become challenging going forward.
