Bakkafrost (Hold, TP: NOK710.00) - CMD preview
Bakkafrost is set to host a CMD on 6 June in Scotland. We expect focus to centre on the turnaround story in the region and updated capex and growth ambitions. We have made no changes to our estimates ahead of the event and remain in line with consensus on 2023–2025e EPS, but are 21–36% above consensus for Scotland. We reiterate our HOLD and NOK710 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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