Report
Alexander Aukner
EUR 463.07 For Business Accounts Only

Bakkafrost (Buy, TP: NOK800.00) - Inflection point in Scottish operation

We view the Q1 report as neutral. Incident-based mortality in Scotland was the main reason operational EBIT was 5–8% below expectations. We believe Q2 should mark the inflection point for the Scottish operation, and see an attractive risk/reward, as Bakkafrost is trading at 5.5–3.5x implied 2023–2024e EV/EBIT and as the company appears to be firing on all cylinders. We reiterate our BUY and NOK800 target price.
Underlying
Bakkafrost P/F

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Alexander Aukner

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