Aker Biomarine (Buy, TP: NOK45.00) - Now swimming with the current
Aker BioMarine’s Q1 results were broadly in line with expectations. In our view, the key highlights of the report were: 1) expectations for krill oil sales in South Korea to commence in late Q2; 2) new contracts for 9.4kt Qrill Aqua (c20% of annual availability) to be delivered in 2023; and 3) strong sales of krill oil in the EU, US and Asia, setting the stage for solid numbers in 2023–2025. Thus, we have raised our 2023–2025e adj. EBITDA by 17–20% based on the report. We have upgraded to BUY (HOLD) and increased our target price to NOK45 (38).
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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