Bakkafrost (Hold, TP: NOK580.00) - Set to report a solid quarter
We expect Bakkafrost to report a Q3 operating EBIT of DKK294m, 7% above consensus of DKK274m, driven by a high price premium on larger fish in the quarter. We have also incorporated earnings from The Scottish Salmon Company and new shares issued in connection with the acquisition. We have raised our 2020–2021e EPS by 5.8–4.6% and our target price to NOK580 (540) to account for a value uplift from the transaction. The Q3 results are due on 5 November at 06:00 CET.
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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