Bakkafrost (Hold, TP: NOK525.00) - Cautious into Q3e
We forecast Q3 operating EBIT of DKK301m, 10% below consensus of DKK335m. We also expect a material cut to 2022 harvest guidance for Scotland and for 2023 guidance to be below consensus for the Faroes and Scotland. Thus, we take a more cautious stance leading up to Q3e results, which are due at 06:00 CET on 8 November, and are 15–5% below consensus for 2023–2024e EPS. We have downgraded to HOLD (BUY) and cut our target price to NOK525 (550).
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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