Bakkafrost (Sell, TP: NOK430.00) - Higher than expected one-off-driven EBIT, new capex plan will strain free cash flow in the years ahead
The Farming unit was in line with our and consensus expectations for Q2, while the VAP segment and Fishoil/Feed (FOF) segment were ahead. The reported EBIT adj. of DKK408m was 5% above Bloomberg consensus at DKK387m and 11% above our estimate of DKK368m. The company’s guided 2018 harvest volume at 49kt is 3% below consensus at 50.4kt and 4% below our estimate of 50.9kt.
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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