Bakkafrost (Hold, TP: NOK660.00) - Big miss in Q3, but good biomass
Bakkafrost reported operating EBIT of DKK173m, c31–40% below our estimates and consensus on higher costs in both farming regions. The good quality of standing biomass gives reason to be optimistic on size and price premium into the winter. Thus, we have increased our EPS for 2025e by 9.6%, but cut our 2026e by 2.3% on slower margin recovery in Scotland. We reiterate our HOLD and NOK660 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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