AAK (Buy, TP: SEK235.00) - Solid Q1 but near-term pressure
A strong 7% Q1 EBIT consensus beat was driven by a recovery in Food Services, further optimisation of Bakery, and stronger than expected profitability for Technical Products & Feed (TP&F). We reiterate our BUY but have cut our target price to SEK235 (245) on stronger headwinds near-term and AAK exiting Russia.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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