Bakkafrost (Hold, TP: NOK710.00) - Our view unchanged after CMD
Bakkafrost’s CMD provided a detailed description of the Scottish turnaround but did not cause us to change our investment recommendation. The capex guidance was increased, and the previous harvest targets were pushed out in time. We have cut our near-term 2023-25e due to FX, trimmed our long-term Scottish growth forecasts and increased our Faroes volumes. Overall, the impact on our fair value was neutral; thus, 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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