Bakkafrost (Hold, TP: NOK680.00) - Minor model adjustments
We have updated our estimates ahead of the Q1 results (due at 06:00 CET on 9 May. We forecast Q1 operating EBIT of DKK586m, in line with consensus of DKK578m, although we are 16% below consensus for the Faroes, but expect Scotland to report its best quarterly results since Bakkafrost took control, with operating EBIT of DKK195m versus consensus of DKK82m. We are in line on VAP and just below on Fish Oil & Meal. We do not consider these changes to be material, and have not changed our HOLD recommendation. We reiterate our NOK680 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.