Aker Biomarine (Buy, TP: NOK60.00) - Strategic review of Feed Ingredients
Q4 adj. EBITDA of USD18m was broadly in line with our estimate and consensus; however, reported EBITDA was 26–30% below. A strategic review of Feed Ingredients has been initiated, and we estimate a fair value of NOK26/share for the division (9.0x estimated cash EBITDA), and NOK34/share for the remaining operations, based on 10% discounts to peer group multiples. We reiterate our BUY and have raised our target price to NOK60 (45), reflecting our SOTP valuation.
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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