Aker Biomarine (Buy, TP: NOK120.00) - Q2 in line, maximising value of remaining assets
Q2 headline numbers were in line with consensus but the segmental mix was slightly soft, with the remaining assets missing forecasts, driven by tough comparables YOY, soft geographical and product mix, and inventory build-down at retailers. However, we do not see any material changes to underlying prospects for these segments. We reiterate our BUY and have raised our target price to NOK120 (90).
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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