Aker Biomarine (Buy, TP: NOK120.00) - Novel protein launch to add upside
Aker BioMarine announced this morning the launch of INVI, a novel protein for human consumption, tapping into a potential global protein market of USD34bn. In our current SOTP of NOK192/share, we have not included any value contribution from a protein plant. However, Aker BioMarine plans to ramp up production of INVI towards 5,000 MT per year, set to generate USD80m–100m in revenues by 2029, with the first product out in 2022/2023. We see potential upside of NOK13/share and believe a positive share price reaction is warranted.
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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