Aker Biomarine (Hold, TP: NOK38.00) - Lukewarm Q1e
We forecast Q1 adj. EBITDA of USD5m (results due at 07:00 CET on 28 April), USD2m below consensus. We expect the Qrill segment to perform well given the seasonality, and Brands to benefit from dietary supplements activity picking up again. We have increased our 2023 adj. EBTIDA estimate by 4%. We reiterate our HOLD but have raised our target price to NOK38 (36) on our higher 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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