Aker Biomarine (Buy, TP: NOK72.00) - More transactions needed
We expect Q4 adj. EBITDA of USD2.1m, USD6.9m below consensus of USD9.0m. With sales of USD54m, our estimates correspond to a margin of 3.9% versus consensus of 16.9%. The results are due at 07:00 CET on 12 February. 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 are of less relevance. However, more transactions are likely needed to crystallise underlying value. We reiterate our BUY and have raised our target price to NOK72 (70) on our increased 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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