Bakkafrost (Hold, TP: NOK400.00) - Big fish, low costs, high prices
Q4 earnings beat consensus by 53% thanks to large-sized fish driving down costs and driving up realised prices. We have raised our 2018–2019e EPS by 6.7–3.4%, on expectations of realised prices remaining high going forward. We have increased our target price to NOK400 (360) but we reiterate our HOLD as the share price has rallied substantially in the past month.
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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