AAK (Buy, TP: SEK210.00) - Positive Q1 profit warning
AAK pre-announced its Q1 results after today’s close of 28% above consensus on adj. EBIT. The beat was broad-based with all segments achieving c25–43% higher EBIT/kg partly offset by slightly lower volumes. According to the company, the strong figures were driven by productivity improvements, continued focus on speciality solutions and favourable market conditions YOY. We expect consensus 2023e adj. EBIT to rise c5–10% and expect a positive share price reaction.AAK is a producer of high-value added vegetable oils and fats. Co. operates in three business segments: food ingredients, chocolate and confectionery and technical products and feed.
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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