Bakkafrost (Buy, TP: NOK800.00) - Below consensus for Q2e
We forecast Q2 operational EBIT of DKK536m, 10% below consensus (results due at 06:00 CET on 23 August). We have adjusted our estimates to reflect the Q2 trading update and revised our price assumptions following the record-high Q2 spot price. In sum, we have cut our 2022–2024e EPS by 0.1–2.8%. We reiterate our BUY and NOK800 target price.
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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