Bakkafrost (Hold, TP: NOK700.00) - Worthy of a profit warning
Bakkafrost reported Q3 operating EBIT of DKK71m, 75–76% below our forecast and consensus of DKK287m–290m. Based on the magnitude of the miss (due to known and unknown factors), we would have expected a profit warning to have been given with the trading update. Owing to the Q3 miss, higher costs in Q4e, and lower volumes in 2022e, we have cut our 2021–2023e EPS by 27.8–5.9%. We have cut our target price to NOK700 (740), but we reiterate our HOLD given today’s share price reaction.
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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