Aker Biomarine (Buy, TP: NOK65.00) - Below consensus for Q1e
We expect Q1 adj. EBITDA of USD9.4m, USD4.3m (-31%) below consensus of USD13.6m. With sales of USD51m (10% below consensus of USD57m), our estimates correspond to an adj. EBITDA margin of 18.2% versus consensus of 23.9%. The results are due at 07:00 CET on 30 April. As the strategy of maximising value through transactions for its remaining assets is the main potential share price catalyst in our view, the quarterly reported numbers would be of less relevance. We reiterate our BUY, but have cut our target price to NOK65 (75) on our lower 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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