Bakkafrost (Sell, TP: NOK390.00) - Capital markets day update
Bakkafrost’s capital markets day has not led us make any major estimate changes, but convincingly illustrated the sustainability of its margin premium versus peers. Its investment programme should ensure eventual harvest capacity of +100kt, with 76kt targeted by 2023. We reiterate our SELL and NOK390 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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