Bakkafrost (Hold, TP: NOK740.00) - Solid Q3e despite lower volumes
We expect operational EBIT of DKK287m in Q3, driven by total harvest volume of 22kt. This is 17% below consensus of DKK346m. In the Faroes, we forecast relatively strong margins on strong biological performance, a low share of downgrades and a high price premium on larger fish, despite Q3 spot and harvest volumes lower than we expected. We have cut our 2021–2023e EPS by 4.9–4.2%, but reiterate our HOLD and NOK740 target price. The results are due at 06:00 CET on 9 November.
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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