New CEO sets sights on profitability

Fears of a weaker Q4 overblown

Aker Biomarine (Buy, TP: NOK72.00) - More transactions needed

We expect Q4 adj. EBITDA of USD2.1m, USD6.9m below consensus of USD9.0m. With sales of USD54m, our estimates correspond to a margin of 3.9% versus consensus of 16.9%. The results are due at 07:00 CET on 12 February. As the strategy of maximising value through transactions for its remaining assets is the main potential share price catalyst in our view, the quarterly reported numbers are of less relevance. However, more transactions are likely needed to crystallise underlying value. We reiterate our BUY and have raised our target price to NOK72 (70) on our increased SOTP valuation.

Thule Group (Buy, TP: SEK450.00) - On track

Following the Q4 results, we have more confidence in the speed and magnitude at which Thule should be able to achieve a structurally higher EBIT margin due to its mix-shift (supported by new category launches), record new product launches, and the Quad Lock acquisition. Consequently, we reiterate our BUY and have increased our target price to SEK450 (445).