Aker Biomarine (Buy, TP: NOK75.00) - Q1 broadly in line, positive outlook
We see this as a decent report, with Q1 adj. EBITDA of USD15m, USD7m above consensus. Underlying adj. EBITDA looks however to be broadly in line with expectations due to accounting changes in Feed Ingredients. The company sees a good market outlook across divisions and we see 2–4% positive revisions to consensus 2024e adj. EBITDA. We expect a slightly positive share price reaction today.
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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