Bakkafrost (Hold, TP: NOK450.00) - Minor model adjustments
We have updated our estimates on the back of the 3 January trading update. Q4 volumes were 1.3kt below our forecast, but the 2019 volume guidance was raised by 1.5kt. We have cut our 2018e EPS by 4.2%, and increased our 2019e EPS by 2.3% on the trading update. We reiterate our HOLD recommendation and NOK450 target price. The full Q4 report is due out at 06:00 CET on 19 February.
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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