Bakkafrost (Hold, TP: NOK355.00) - Declining volumes next year
Bakkafrost reported in-line operating EBIT, but gave softer than expected volume guidance of 51kt for 2018 versus 54.5kt for 2017. We have cut 2017–2018e EPS by 2.3–9.3% on lower volumes. We retain our HOLD recommendation, but have trimmed our target price to NOK355 (NOK360).
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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