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Ola Trovatn
  • Ola Trovatn

Aker Biomarine (Buy, TP: NOK72.00) - More transactions needed

We expect Q4 adj. EBITDA of USD2.1m, USD6.9m below consensus of USD9.0m. With sales of USD54m, our estimates correspond to a margin of 3.9% versus consensus of 16.9%. The results are due at 07:00 CET on 12 February. As the strategy of maximising value through transactions for its remaining assets is the main potential share price catalyst in our view, the quarterly reported numbers are of less relevance. However, more transactions are likely needed to crystallise underlying value. We reiterate o...

Ola Trovatn
  • Ola Trovatn

Aker Biomarine (Buy, TP: NOK70.00) - Q3 on the soft side

Q3 adj. EBITDA was in line with consensus, largely explained by adjustments, as reported EBITDA was USD4m below. Sold krill oil volumes beat our estimate, but outlook comments were slightly soft. We reiterate our BUY, but have cut our target price to NOK70 (73) on our lowered estimates.

Ola Trovatn
  • Ola Trovatn

Aker Biomarine (Buy, TP: NOK73.00) - Focus on Human Health

Following the sale of Feed Ingredients on 3 September and the company’s refinancing, we expect Q3 adj. EBITDA of USD7m (no reliable consensus available), from sales of USD52m, corresponding to a 13% margin. The results are due at 07:00 CET on 1 November. We reiterate our BUY, but have lowered our target price to NOK73 (120) following the DPS of NOK45, updated peer group multiples and reduced estimates.

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