Bakkafrost (Hold, TP: NOK600.00) - Challenges in UK largely reflected
We estimate Q4 operating EBIT of DKK371m, 6% below consensus of DKK395m. We are 9% below for the Faroes but 13% above for Scotland, despite continued biological challenges for Q4e. We have made only minor net estimate changes ahead of the results and reiterate our HOLD and NOK600 target price. The results are due at 06:00 CET on 21 February.
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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