Aker Biomarine (Buy, TP: NOK45.00) - On track for strong H2
Q2 adj. EBITDA was USD22m, in line with consensus of USD21m and slightly above our estimate of USD18m. The Ingredients segment beat our expectations, while Brands came in below. A new 5kt contract for Qrill Aqua for H2 was a positive, and we believe the company should continue to see a tailwind from the current fish meal and oil markets. However, first sales of krill oil in South Korea were slightly delayed versus our expectation. Overall, we found the Q2 report neutral and believe it confirmed the case for a strong H2. We reiterate our BUY and NOK45 target price.
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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