Bakkafrost (Hold, TP: NOK600.00) - Another strong quarter
We estimate Q2 operating EBIT of DKK658m, 3% above consensus of DKK642m, and a still-healthy group EBIT/kg of NOK39, down from NOK50 in Q1. We expect a materially higher contribution from Scotland, while Faroe farming is set to be hit by a diminishing size premium versus Q1. We have made minor 2024–2026e EPS revisions, and reiterate our HOLD and NOK600 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.
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.