Aker Biomarine (Buy, TP: NOK70.00) - Q3 on the soft side
Q3 adj. EBITDA was in line with consensus, largely explained by adjustments, as reported EBITDA was USD4m below. Sold krill oil volumes beat our estimate, but outlook comments were slightly soft. We reiterate our BUY, but have cut our target price to NOK70 (73) on our lowered estimates.
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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