Aker Biomarine (Buy, TP: NOK75.00) - Delivery needed in 2025
Q4 adj. EBITDA of USD7.4m was above our USD2.1m estimate and broadly in line with consensus, albeit driven by positive adjustments. Reported EBITDA was USD3.4m, versus our USD2.1m estimate and consensus of USD6.6m. Management’s outlook comments were in line with our estimates for 2025, and we have made only minor positive EPS revisions in light of the report. As we expect a 53% increase in adj. EBITDA YOY in 2025, we highlight that delivery is needed from Q1. We reiterate our BUY and have raised our target price to NOK75 (72) based on our SOTP.
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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