Bakkafrost (Hold, TP: NOK540.00) - Premium pockets in EU market
Q2 operational EBIT was DKK339m, c4–10% above our estimate and consensus. More importantly, there are still cost improvements to be made and pockets of demand for premium products have emerged in the EU, leading to a high realised price in what appeared to be a well-supplied market in Q2. We have raised our 2019–2021e EPS by 3.2–3.8% and our target price to NOK540 (520). We reiterate our HOLD.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.