Aker Biomarine (Buy, TP: NOK90.00) - In line with consensus for Q2e
We expect Q2 adj. EBITDA of USD23m, broadly in line with consensus of USD24m (no consensus for segments available), and a harvesting volume of 17.9kt. The report is due at 07:00 CET on 12 July. We reiterate our BUY, and have increased our target price to NOK90 (85) based on our SOTP, on a raised peer-group valuation. Moreover, in our bull case we see a value of NOK120/share in a full break-up scenario.
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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