Aker Biomarine (Buy, TP: NOK45.00) - Q3 beat and positive outlook
Q3 adj. EBITDA of USD25m beat our estimate of USD19m and consensus of USD21m. The beat was driven by the Ingredients segment and mainly by higher than expected krill oil sales. Brands reported in line with our forecast. The Q4 guidance for flat Qrill Aqua sales YOY was disappointing, but the start up of the Houston facility was a positive for krill oil margins into 2024. We have cut our 2023e adj. EBITDA by 5%, but raised our 2024e and 2025e by 5%. 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.