Bakkafrost (Hold, TP: NOK640.00) - Dust settling after acquisition
On 17 December 2019, Bakkafrost announced 95.8% ownership in The Scottish Salmon Company after the completion of the mandatory offer. As the dust begins to settle, focus can return to operations and integration. The 3 January 2020 trading update revealed higher volumes than we expected and as guided for in Q3. We expect Q4 operational EBIT of DKK477m, c5% above consensus. We have raised our target price to NOK640 (600) and 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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