Bakkafrost (Hold, TP: NOK430.00) - Russia risk or Chile competition?
Bakkafrost reported Q4 operational EBIT of DKK231m, 33–28% below our forecast and consensus due to a lower than expected realised price. The lock-out from the Russian market was cited as the reason, the impact of which management guides to be temporary; however, we believe price pressure from exports of Chilean large fish also played a role. We have cut our 2018–2019e EPS by 9.6–8.9%. We have cut our target price to NOK430 (NOK450), but reiterate our HOLD following today’s share price correction.
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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