Bakkafrost (Hold, TP: NOK600.00) - Scottish integration in focus
Bakkafrost’s integration of The Scottish Salmon Company will be key to unlocking further upside potential in our view. As management has pointed out, this will take time, as additional infrastructure investments need to come on stream and work their way through the P&L. Our higher salmon price estimates have led us to raise 2020–2021e EPS by 1.8–2.8%. We have increased our target price to NOK600 (580) on higher salmon price forecasts, and we reinstate our HOLD post-blackout.
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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