Aker Biomarine (Buy, TP: NOK75.00) - More value in Feed Ingredients
We forecast Q1 adj. EBITDA of USD4m, broadly in line with consensus of USD5m. With a new reporting structure being implemented from Q1, the main focus in the report (due at 07:00 CET on 26 April) will be headline numbers. We have trimmed our Qrill Aqua estimates for Q1 based on a low catch in Q4 and cut volumes sold in 2024–2026e by c4kt, based on higher krill oil production. We reiterate our BUY and have raised our target price to NOK75 (60) based on an increased valuation of Feed Ingredients.
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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