Bakkafrost (Hold, TP: NOK600.00) - Minor model adjustments
We have reduced our Q2e volumes [by 4.1kt and forecast operating EBIT of DKK626m (consensus DKK608m), owing to the trading update on 1 July. We have also raised our 2024e EPS by 1.4% but reduced 2025e by 0.2%. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our NOK600 target price. The results are due at 06:00 CET on 26 August.
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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