Aker Biomarine (Hold, TP: NOK105.00) - A bumpy start to the year
We are significantly below consensus ahead of the Q1 results (due at 07:00 on 29 April). We expect lower adj. EBITDA YOY given a tough comparable, on top of negative timing effects due to the weak harvest in Q4, a negative revenue impact from South Korea still below peak levels, poor aqua sales driven by seasonality and a still-weak trend for Kori. On a more positive note, harvesting looks to be on track so far in Q1. We reiterate our HOLD but have cut our target price to NOK105 (120).
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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