Aker Biomarine (Hold, TP: NOK48.00) - Back-end loaded year
We are slightly below consensus ahead of the Q1 results (due at 07:00 CET on 29 April). We expect revenues to be up slightly YOY as we expect low krill oil volumes (in line with the guidance) and low volumes from South Korea, offset by what appears to be continued positive revenue growth for Brands. We reiterate our HOLD and NOK48 target price.
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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