Bakkafrost (Buy, TP: NOK640.00) - Weak Q2
Q2 operating EBIT was DKK388m, c38–33% below our estimate and consensus, driven by lower results in the FOF segment, farming Faroes, freshwater Scotland and sales. Although some of the miss is attributable to one-off effects from the general strike in the Faroe Islands, we still consider the report weak. We have cut our 2024–2025e EPS by 15.4–8.4% and trimmed our target price to NOK640 (650). Although we reiterate our BUY, investors need to look to 2026e for an attractive valuation.
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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