Bakkafrost (Hold, TP: NOK665.00) - Large fish premium in Q4e
Due to jellyfish and sea lice challenges in Q4, harvest weights from Norway are record low QTD. There is a significant price premium for large fish, which Bakkafrost looks set to capitalise on. We expect operating EBIT of DKK402m, c9% above consensus. We have raised our 2024e EPS by 2.8%, and our target price to NOK665 (660), 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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