Report
Ola Trovatn
EUR 85.14 For Business Accounts Only

AKVA group (Hold, TP: NOK72.00) - Estimates up on solid order intake

AKVA group reported Q2 EBTIDA of NOK86m, NOK22m above our estimate (no reliable consensus). The beat was driven by Sea Based, which had a favourable product mix, while Land Based missed our expectations. Order intake was strong at NOK1,841m, 22% above our estimate, driven by Land Based and Digital. We have increased our 2024–2025e EPS by 9.3–6.5% and our target price to NOK72 (70), but reiterate our HOLD.
Underlying
AKVA Group ASA

Akva Group ASA is a Norway-based company engaged in the development, manufacture, marketing and installation of equipment and technology used in the fish farming and aquaculture industries. It is divided into three business areas, namely Hardware, Software and Recirculation. The Hardware area comprises such products, as feed barges, fish-farming cages, centralized feed systems, sensors, cameras, biomass estimation systems, light systems and net cleaning systems, which are sold under such brand names, as Polarcirkel, Wavemaster and Akvasmarts. The Software area provides software solutions for fish farming and seafood industries, and its products are marketed under the Fishtalk brand name. The Recirculation area offers land-based systems for production of fresh water and seawater fish spices using recirculation technology. As of January 24, 2013, Egersund Group AS held 87.42% of the Company. In April 2014, it acquired YesMaritime AS.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Ola Trovatn

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