Bakkafrost (Buy, TP: NOK660.00) - Q2 in line with profit warning
Bakkafrost reported Q2 operating EBIT of DKK353m, in line with the pre-announced number in the Q2 profit warning. The Farming results were ahead of consensus for Scotland, while the Faroes were in line. VAP reported below consensus, while Feed was ahead. The 2023 harvest guidance was cut by 2kt to 63kt for the Faroes (in line with profit warning) and to 24kt–30kt for the UK (from 30kt). We find the report neutral and expect slight negative revisions to consensus 2023e EPS.
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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