Bakkafrost (Hold, TP: NOK740.00) - 2021 Capital Markets Day
Bakkafrost’s CMD revealed continued large investments in the ‘traditional’ value chain, spurring further growth to 150kt in harvest volume by 2026e. Capex was guided at DKK6.2bn for 2022–2026, supporting +180kt of harvest capacity in the value chain. The turnaround plan presented for Scotland was credible in our view. We have trimmed our estimates to reflect temporarily increased raw-material costs for ASC-certified fish meal and higher interest from additional investments. We reiterate our HOLD and NOK740 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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