Bakkafrost (Hold, TP: NOK710.00) - Strong quarter
Bakkafrost reported Q1 operational EBIT of DKK224m, c21–19% above our estimate and consensus. Farming in the Faroe Islands and the VAP operations significantly beat our forecasts, while the FOF segment was softer than we expected. We have lifted our 2021e EPS by 11.1% following the solid Q1 and on a higher expected price premium for the rest of 2021. We have raised our target price to NOK710 (640) but reiterate our HOLD after the recent strong share price performance.
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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