Bakkafrost (Buy, TP: NOK650.00) - Big miss in Q2
Q2 operating EBIT was DKK388m, 38–33% below our estimate and consensus, driven by the strike in the Faroe Islands, causing unfavourable harvest timing, and lower volumes affecting costs. There was also ISA harvest of smaller fish in Q2. The 2024 harvest guidance has been cut to 63.5kt (66kt) in the Faroes, while Scotland remains at 25kt. We expect consensus 2024 EPS to fall c10% and the share price to drop 5–8% today.
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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