Bakkafrost (Hold, TP: NOK630.00) - Not firing on all cylinders
Q4 operating EBIT of DKK120m was 27–33% below our estimate and consensus, driven by an unexpected DKK45m mortality event in the Faroe Islands. The company sees a strong market balance going forward, but guided for some spill-over effects on costs from Q4 into Q1 for Scotland and the Faroe Islands. We have lowered our 2022e EPS by 4.1% to account for higher costs in Q1e and slightly more back-end-loaded harvest volumes. We reiterate our HOLD and NOK630 price target.
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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