Aker Biomarine (Buy, TP: NOK73.00) - Focus on Human Health
Following the sale of Feed Ingredients on 3 September and the company’s refinancing, we expect Q3 adj. EBITDA of USD7m (no reliable consensus available), from sales of USD52m, corresponding to a 13% margin. The results are due at 07:00 CET on 1 November. We reiterate our BUY, but have lowered our target price to NOK73 (120) following the DPS of NOK45, updated peer group multiples and reduced 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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