Bakkafrost (Hold, TP: NOK525.00) - Q3 in line – saved by Faroes
Bakkafrost reported Q3 operational EBIT of DKK325m, c8% above our estimate, but c3% below consensus. The beat was driven by very strong farming results in the Faroe Islands (DKK26.4/kg margin). Scotland was once again a big disappointment with an operational EBIT loss of DKK137m (consensus DKK2m). Harvest guidance for Scotland was cut to 25kt (35kt) for 2022 and 2023 is 30kt (consensus 40kt). Overall, we expect negative revisions to consensus EPS on the back of the report and the stock to come down c4–5% today.
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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