Bakkafrost (Buy, TP: NOK580.00) - Seeing is believing
After a series of false starts to improved operating performance from the investments in Scotland, we have cut our estimates sharply. We remain confident in a successful turnaround for the Scottish operations, but struggle to see a meaningful effect of this effort before 2025. However, with shares down c18% since the Q2 profit warning, we believe consensus broadly reflects our lower estimates. Thus, we reiterate our BUY, but have cut our target price to NOK580 (660) on reduced forecasts.
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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