Aker Biomarine (Hold, TP: NOK36.00) - 2023e outlook on the soft side
Q4 adj. EBITDA was above our estimate and consensus, driven by adjustments, while reported EBITDA was in line. Ingredients missed our forecast and consensus, while Brands was broadly in line. In our view, the 2023e outlook is somewhat soft, with low harvesting in Q4 2022 and regulatory approval in South Korea set to be delayed until March. We reiterate our HOLD but have cut our target price to NOK36 (38) on our lower estimates.
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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