Bakkafrost (Hold, TP: NOK630.00) - Revenue tax likely tightened
The new Faroese government has proposed new steps for the revenue tax, taking it from a previous maximum 10% to 20%, as well as lowering the thresholds for the 7.5% and 10% tax level. A total of nine revenue tax rates between 0.5% and 20% are proposed. The changes have led us to reduce our 2024–2025e EPS by 4%. We reiterate our HOLD and NOK630 target price.
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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