Aker Biomarine (Buy, TP: NOK85.00) - Still more value left
Q1 adj. EBITDA of USD15m was USD11m above our estimate and USD7m above consensus. c50% of the beat came from accounting changes, while the other half came from stronger underlying operations. With greater transparency from the new reporting structure, we use a SOTP valuation based on 2024e peer-group multiples per segment, leading us to raise our target price to NOK85 (75). We reiterate our BUY and see more value left despite the strong share performance YTD.
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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