Bakkafrost (Hold, TP: NOK600.00) - Q4 above, but lower-quality mix
Bakkafrost reported Q4 operating EBIT of DKK376m, in line with our estimate but c7% above consensus. However, we consider the mix lower-quality, as the beat was driven by strong results in VAP and Feed. Farming Faroe Islands was in line, while Scotland again disappointed, with an operating EBIT loss of DKK-149m (consensus DKK-60m). The 2023 harvest guidance was unchanged, and a DPS of DKK10 was proposed for 2022. We expect marginal changes to consensus 2023e EPS after the report, and the stock to be flat today.
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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