Aker Biomarine (Buy, TP: NOK45.00) - Q3 expectations lowered
We forecast Q3 adj. EBITDA of USD19m, USD3m below consensus of USD22m due to our higher cost assumptions for Ingredients and Brands. We have reduced our 2023e adj. EBITDA by 10% given our higher estimated costs and our assumption for krill oil sales to South Korea to be cut to zero in Q3. We have raised our 2024e adj. EBITDA by 2% but trimmed our 2025e by 1%. 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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