Scandi Standard (Buy, TP: SEK77.00) - Set for some near-term headwinds
Scandi Standard’s reported Q2 adj. group EBIT was SEK79m, c6–5% below our estimates and consensus (Infront), owing to lower margins in the RTC segment and higher one-offs due to management changes, while the RTE segment surprised on the upside. Although Covid-19 headwinds in foodservice are starting to ease, management guided for a tough Q3. Thus, we have cut our 2021–2022e EPS by 16.2–4.2% and tweaked 2023e. We reiterate our BUY and SEK77 target price.Scandi Standard is a supplier of chicken-based food products in the Nordic region. Co. offers a range of chilled and frozen products under brands such as KronfAY=gel in Sweden, Danpo in Denmark and Den Stolte Hane in Norway, as well as for private label. Co.'s customers are found in the retail, food service and food industry sectors. Co. has operations in Sweden, Denmark, Norway and Finland. The Swedish operations are conducted through the companies KronfAY=gel AB, SweHatch AB, AB SkAY=nefAY=gel and Bosarpkyckling. The Danish operations are conducted by Danpo A/S. The Norwegian operations are conducted through Scandinavian Standard AS. The Finnish operation is conducted through KronfAY=gel Oy.
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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