Bakkafrost (Hold, TP: NOK640.00) - Expecting a mixed Q1
We forecast Q1 operational EBIT of DKK185m 2% below consensus’ DKK188m (results due at 06:30 am CET on 11 May). We have pushed some volumes to Q2e following the trading update op 6 April, hence the slight uptick in 2021e EPS. However, we still expect to see risk for continued headwinds in Farming Scotland from a harsh winter and lower volumes in a quarter with favourable spot prices. We reiterate our HOLD and NOK640 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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