Montega AG Reaffirms Buy Rating for Havila Kystruten AS Despite Q1 Miss

Havila Kystruten AS, a coastal cruise line operator, recently reported its Q1 2024 earnings. Despite not meeting expectations, the company is showing positive trends according to Montega AG. Total sales for Q1 reached 292.9 million NOK, lower than Montega's predicted 312.2 million NOK. This shortfall was attributed partially to an accounting effect related to government contracts and slightly lower average cabin rates.

EBITDA figures also fell short, landing at -17.5 million NOK versus the expected 29 million NOK. Factors influencing this include higher LNG and material costs, and increased personnel expenses due to training. Full operations across all four ships are anticipated for the upcoming high season, which will further scale operations.

The introduction of the 'Pure Northern Collection,' a curated travel package, aims to boost occupancy on less populated routes. Additionally, industry-wide strong booking trends support an optimistic outlook for Havila. Montega AG maintains a buy recommendation and a target price of 2.80 NOK.