Bakkafrost (Hold, TP: NOK710.00) - Q1 a mixed bag
Operating EBIT was DKK565m in Q1, 4–2% below our estimates and consensus, with farming below and the FOF segment above. The guidance suggests some short-term challenges, but on a positive note a Bakkafrost price premium can be charged on Scottish volumes. We have raised our FOF and VAP earnings forecasts, but trimmed our farming earnings, making minor changes to our 2023–2025e EPS. We reiterate our HOLD but have increased our target price to NOK710 (680) on FX.
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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