Bakkafrost (Hold, TP: NOK640.00) - Mixed Q4, but solid operations
Bakkafrost delivered operational EBIT of DKK415m in Q4, c13–18% below our forecast and consensus. The deviation was mainly due to a weaker contribution from Scotland, and the CEO warned that turning around the recently acquired operation would take time, though he remained confident this would materialise. A dividend of DKK8.31/share was proposed, 8–10% below our and consensus expectations. We have trimmed our 2020–2021e EPS by 0.4–0.6%, but 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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