Bakkafrost (Hold, TP: NOK525.00) - Faroes to the rescue
We view the Q3 results as mixed. The Faroese operation beat expectations driven by strong production and cost performance. The Scottish operation again disappointed due to higher than expected extraordinary mortality costs. Volume guidance for 2022 was cut by 10kt for Scotland and for 2023 was 7% below our estimate and 13% below consensus. We reiterate HOLD and NOK525 target price.
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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