Bakkafrost (Hold, TP: NOK630.00) - Q4 above, outlook for Q1 raised
Q4 operating EBIT was DKK376m, c7% above consensus. The beat was ‘low quality' in our view as it was driven by the volatile VAP and Feed segments. Faroes was in line, while Scotland was significantly below consensus. A key positive in the report was the biological performance in Scotland, thus far in Q1 seeing average harvest weights of 5.0kg HOG, up from 3.3kg YOY. Management proposed 2022 DPS of DKK10. We have raised our 2023e EPS by 2.8% and increased our target price to NOK630 (600), but reiterate our HOLD.
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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