Aker Biomarine (Buy, TP: NOK90.00) - Selling FI at strong valuation
The sale of Feed Ingredients (FI) for USD590m was a strong achievement and USD90m above our estimate, adding NOK11/share versus our SOTP of NOK90. Extraordinary DPS of NOK35–45 and strategic focus on partnerships/transactions for the remaining assets were also positives. We see the shares up 13–18% tomorrow.
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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