Bakkafrost (Buy, TP: NOK800.00) - Q2 broadly in line
Bakkafrost reported Q2 operational EBIT of DKK587m, c10% above our estimate, but c3% below consensus. The miss was driven by weak results in Scotland following morality at one site and DKK57m in incident-related mortality costs. Farming Faroe Islands and Fish Meal and Oil beat expectations, while the VAP segment reported a much smaller than expected loss. Overall, we expect minor changes to consensus EPS on the back of the report and see a flat share price reaction.
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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