Benchmark Holdings Plc (Buy, TP: NOK7.40) - Strong Q2
Benchmark Holdings reported fiscal Q2 adj. EBITDA excluding fair value adjustments (FVA) of GBP9.7m, 24–37% above our forecast and consensus, driven by Advanced Nutrition and Health, while Genetics fell shy of our expectations. We have raised our 2023–2025e EBITDA by 8–21%, primarily on higher legacy and EctosanVet sales in Health. We reiterate our BUY and have increased our target price to NOK7.4 (6.8).Benchmark Holdings is principally engaged in the provision of technical services, products and knowledge that support the development of sustainable food and farming industries. Co.'s reportable segments include: Animal Health Division, which provides veterinary services, environmental services diagnostics and animal health products to aquaculture, and manufactures licenced veterinary vaccines and vaccine components; Genetics Division, which harnesses salmon breeding technologies combined with production facilities to provide a range of high genetic merit ova; and Advanced Animal Nutrition, which manufactures and provides nutrition and health products to the aquaculture industry.
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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