Bakkafrost (Buy, TP: NOK745.00) - Above consensus for Q1e
We forecast Q1 operating EBIT of DKK451m, c4% above consensus (results due at 06:00 CET on 10 May). We have adjusted our Q1 volume estimate in line with last week’s trading update, but also trimmed our realised price assumption. Revisions to our 2023–2024 volume ramp-up estimates mean we have lifted our EPS by 1.3–6.2%. We reiterate our BUY and have raised our target price to NOK745 (650) after reducing our mid-to longer-term capex assumptions.
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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