Aker Biomarine (Hold, TP: NOK44.00) - Q3e saved by Qrill
We forecast Q3 adj. EBITDA of USD24m (results due at 07:00 CET on 1 November), 8% above consensus, on revenue growth of c41% YOY, mainly on Q2 harvesting volumes being up 19% YOY (sold in Q3) and our expectation of significant price increases YOY for the Qrill product portfolio. For Brands, we see continued challenges from retailer recession management and cost inflation. Following a change of analyst, we reiterate our HOLD but have cut our target price to NOK44 (54) on lower peer group valuation.
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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