Aker Biomarine (Hold, TP: NOK40.00) - Q3 miss, 2022 guidance revised
Q3 adj. EBITDA was 18% below consensus, driven by disappointing sales of krill oil in the Ingredients segment and some expected Qrill Aqua volumes being shifted from Q3 to Q4. Brands was broadly in line with expectations. 2022 guidance was lowered for sales growth but raised for the adj. EBITDA margin. We reiterate our HOLD but have cut our target price to NOK40 (44) on reduced 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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