Bakkafrost (Hold, TP: NOK680.00) - Q1 slightly on the soft side
Bakkafrost reported Q1 operating EBIT of DKK565m, 4–2% below our estimate and consensus. The miss was driven by the Farming segment, with both the Faroe Islands and Scotland below expectations. VAP reported in line, while Feed saw strong numbers. The 2023 harvest guidance was unchanged, but for a small delay for the first release of large smolt in Scotland from Q2 to Q3 2023. We find the report to be marginally on the soft side versus expectations, and expect consensus EPS to be trimmed by 2–5% and the shares to do the same.
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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