Aker Biomarine (Buy, TP: NOK65.00) - Mostly mitigating tariffs
Adj. EBITDA was USD9.0m, broadly in line with our estimate and consensus. Human Health Ingredients (HHI) beat expectations on higher volumes sold and a higher gross margin, and Emerging Businesses (EB) reported lower losses than expected from significantly reduced marketing spending. Encouragingly, management noted a limited impact of tariffs on HHI financials, where c20% of krill oil sales are from the US to China. We have only made minor adjustments to our estimates following the results, and reiterate our BUY and target price of NOK65.
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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