Bakkafrost (Sell, TP: NOK400.00) - Neutral quarter expected
We forecast Q1 operational EBIT of DKK310m, some 2% above consensus of DKK304m. We have pushed some volumes to Q2e following the trading update on 2 April, hence the slight uptick in 2019e EPS. We believe the main news flow to look for in the Q1 report is the normalisation of Russia trade and price realisation versus rising Chilean competition in overseas markets. We reiterate our SELL and NOK400 target price. The Q1 results are due on 6 May at 06:00 CET.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.