Bakkafrost (Hold, TP: NOK580.00) - Stronger Q3 than expected
Operational EBIT was DKK303m, c3–11% above our expectation and consensus, driven by very strong biological performance and good price achievement. Management sees global supply growth dropping from 7% in 2019 to 4% in 2020, causing a favourable price backdrop. We have raised our 2019e EPS by 3%, but trimmed 2020e due to the marginally lower harvest guidance compared to our estimates. We reiterate our HOLD and NOK580 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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