|
Behandler innhold .. vennligst vent..
break
11:11
26.03.2010
#170
|
Bakkafrost er den største produsenten av laks på Færøyene. Selskapet produserte 30.650 tonn fisk (sløyd vekt) i 2009.
Bakkafrost eier 44 prosent av alle oppdrettslisenser på Færøyene, og står for ca. 60 prosent av den samlede oppdrettsproduksjonen på Færøyene.
Selskapet driver fem smoltanlegg, som det eier 100 prosent. Videre har Bakkafrost lisenser for 14 lokaliteter, sjøanlegg, for produksjon av atlantisk laks på Færøyene, samt en enkelt lisens, som for tiden ikke er i produksjon.
Lokalitetene er beliggende i 13 forskjellige fjorder.
http://www.bakkafrost.com/ |
Fanatic
11:16
26.03.2010
#15251
|
26/03-2010 10:23:44: (BAKKA) Flaggemelding
Selskaper kontrollert av Øystein Stray Spetalen har i
dag kjøpt 2700000 aksjer i Bakkafrost P/F (BAKKA).
Beholdningen utgjør 5.5262% av utestående aksjer og
stemmer i selskapet. Aksjene er kjøpt til kurser
mellom 31,00 og 33,50
Ekstern link: http://www.newsweb.no/index.jsp?messageId=256995 |
LooseDeuce
11:21
26.03.2010
#3845
|
Interessant at Spetalen kaster seg på.
Vær oppmerksom på at selskapet gjennomførte en stor emisjon like før børsnoteringen. |
bulrik
12:24
26.03.2010
#1022
|
Er vel ikke uten videre tilrådelig å kaste seg på noe Spetalen har kastet seg på. |
uturen
17:14
27.10.2010
#6025
|
Kursutviklingen i Bakkafrost har vært særs god etter at selskaapet kom på børs i slutten av mars i år, men hvem på ST er interessert i solide veldrevne selskaper med god kursutvikling når eksempelvis QEC - NEC og PDR er så mye mer interessante og lønnsomme?
Pareto har endeeeelig oppdatertsine prisforutsetninger for resten av dette året og for 2011 og 2012. Dette har medført oppdatering og oppjustering for de børsnoterte innen laks/ørret. Her er vurderingen av BAKKA:
Jeg tar først med ingressen, så generelt om utsiktene og så om selskapet:
"Strong prices going forward Sector Seafood
We raise our salmon price expectations for 2011E and 2012E from
NOK 30/27 per kg to NOK 33/29 per kg. Demand have been
stronger than expected so far in H2 10E and Norwegian
production growth will most likely come down. We still expect it to
take several years before Chile returns to historical production
levels. On average, we increase 11E/12E EPS estimates 20/21%.
We are in general positive to the sector going forward. Top picks
are AUSS, BAKKA, GSF and MORPOL."
"We are in general positive to the salmon farming sector
We do not consider the continued strong salmon prices to be fully
discounted into the share prices. As a result, we have a buy
recommendation on all Norwegian listed salmon farmers. On the back
of the higher anticipated salmon prices we increase our 11E/12E EPS
estimates 20/21% on average. Simultaneously, we increase our share
price targets 9%. All salmon farmers have strong balance sheets and
we have seen more M&A recently. We expect the consolidation of the
industry to continue in 11E. Led by MHG and LSG, we expect relatively
large dividends going forward. Our top picks are AUSS, BAKKA,
MORPOL and GSF. Note: all shares are rated high risk."
"Bakkafrost was listed on Oslo Stock Exchange in March 2010. The company is a result of the merger between Bakkafrost and Vestlax.
Even though we have had estimates on BAKKA for a period, we have not previously had a formal rating on the company. We initiate coverage on BAKKA with a buy recommendation, target DKK 55 (NOK ~60)"
"BAKKA is the largest salmon farmer on the Faeroes with 44% of the licenses. The company is fully integrated and we expect the company to harvest 35k tons in 2011E, up 46% from our 2010E estimate at 24k tons. Given the large volume increase, we expect EPS up 61% from DKK 3.9 in 2010E to DKK 6.3 in 2011E.
BAKKA is the result of the merger of Bakkafrost and Vestlax. Historically, "old" Bakkafrost has reported among the strongest margins in the industry, while Vestlax margins have been weak. BAKKA is already reporting among the highest margins in the industry, but we expect even higher margins as we expect Vestlax margins to come further up over time.
Salmon farming on the Faeroes are highly regulated and as the companies are operating alone in the different regions (Fiords), we consider the biological risk somewhat lower on the Faeroes compared to other regions. The region is also benefitting from more stabile sea temperatures.
Bakkafrost is involved in value added processing and we expect BAKKA to process around 45% of its harvested volumes in 2011E. We expect that a high share of processing stabilizes margins somewhat and reduces the company's exposure to salmon prices.
Even though we expect harvesting volumes up 46% y/y in 2011E and another 9% y/y in 2012E to 38k tons, organic growth could be an issue for BAKKA going forward as areas for salmon production are limited. We expect record high salmon production on the Faeroes in 2011E, and the authorities could be reluctant to increase the farming capacity on the different licenses given the sanitary situation that occurred last time the Faeroes produced close to 50k tons.
The Faeroes have experienced the same as the Chilean industry in regards to the ISA virus. From 2003 to 2006, the total salmon production on the Faeroes were down 74% from 47k tons to 12k tons. The region was back at histori |
uturen
00:24
28.10.2010
#6028
|
Pareto følger opp sin sektoranalyse med en særskilt vurderin g av Bakkafrost:
her er noen klipp:
"Industry leading margins
In our market report earlier today, we initiated coverage on
BAKKA with a buy recommendation and target price DKK 55
(NOK 60). BAKKA is one of our top picks in the sector as we
expect significantly higher earnings next year on a strong
volume growth. Parts of the business have reported market
leading margins and we expect BAKKA to turn around the rest
of the business shortly. BAKKA could be a target for M&A and
last week, SALM acquired 22% of the company."
"Strong earnings momentum
While we expect a relatively flattish EPS development for other
salmon farmers from 10E to 11E, we estimate BAKKA EPS up 61%
from DKK 3.9 in 10E to DKK 6.3 in 11E. Earnings are up on higher
volume expectations as we expect 24k tons in 10E and 35k tons in
11E. Even though BAKKA already is reporting industry leading
margins, most of this comes from "old Bakkafrost" sites. We expect
BAKKA to shortly improve earnings from old Vestlax sites as well.
BAKKA has probably strongest balance sheet in the industry and
we estimate a NIBD of DKK 99m at the end of 10E
As a result of our higher price assumptions from today we
increased our EPS estimates 20% in 11E and 19% in 12E"
"BAKKA is attractively valued looking into 2011E
BAKKA is one of our top picks in the sector as we expect solid
earnings growth going forward. The company is operating on the
Faeroes, a highly regulated region. We find this positive as it in our
view reduces the biological risk somewhat. The company is
attractively valued looking into 2011E at P/E 6.7 and EV/EBITA 5.6x.
At our target, BAKKA is valued at P/E 11E 8.7x and EV/EBITA 7.2x
SALM has just recently acquired 22% of the company
We expect dividends of DKK 2/share for 10E and DKK 3 for 11E.
On the negative side, volume growth could be an issue and
inorganic growth on the Faeroes could be blocked by regulations. |
uturen
08:25
10.11.2010
#6079
|
Pareto har sett nærmere på BAKKA sitt kvartalsresultat, presentert i går, og her er noen sitater fra den oppdaterte analyses:
"Minor estimate changes
BAKKA reported Q3'10 figures this morning. A lower than
expected harvest in the quarter resulted in an EBITA of DKK 47m
vs our DKK 60m estimate. We expect strong earnings from
BAKKA going forward on continued strong prices and increased
volumes. BAKKA expects to harvest 35k tons in 2011e, in line
with our expectations. Our estimates are marginally changed. We
recommend to buy, target DKK 55 (NOK ~60)."
"A strong salmon market seen for 2011e and 2012e
Our view of a tight salmon market for 2011e and 2012e is supported
by all salmon farmers. We expect global salmon volumes up 9% to
1.56m tons in 11e as we expect Chilean volumes to come somewhat
back from H2'11e. Salmon farmers expect a volume growth between
5-8% next year. We anticipate strong salmon prices going forward,
NOK 33/kg in 2011e and NOK 29/kg in 2012e. While we anticipate
very strong prices in H1'11e, we expect prices to come down
somewhat in H2'11e on more volumes out of Chile.
Current contract prices support even higher prices in 11e. Fishpool
forward prices are currently at NOK +36/kg for 11e and NOK
+32/kg for 12e. BAKKA confirms a price level between NOK 35-36
per kg for 2011e contracts"
"We expect solid earnings growth going forward on 52% higher
volumes in 11e. The company has over the last quarters proven to be
industry leading in regards to EBITA/kg margins. It is operating on the
Faroes, a highly regulated region for salmon farming, which in our
view reduces the biological risk somewhat. The company is
attractively valued looking into 11E at P/E 6.9x and EV/EBITA 5.8x
BAKKA has a very strong balance sheet with only DKK 80m in
NIBD at the end of Q3'10." |
NetromO
14:46
24.01.2011
#11731
|
Nordea oppdatert anbefaling i dag :
Bakkafrost Strong Buy 24/01/2011 NOK 51.50 Target 70.00 12 mnd
Endret 24.01.2011 14:48 av NetromO |
uturen
23:33
15.02.2011
#6316
|
Bakkafrost har doblet kursen siden børintroduksjonen for vel 10 måneder siden.
Likevel er denne suksessen på Oslo børs tilsynelatende uten interesse for skribentene på ST.
For at ikke selskapet skal gå fullstendig i glemselen kommer jeg til å legge inn noen Paretobetraktninger når det passer seg slik.
Her er noen klipp fra Pareto sin forhåndsvurdering til Q4-rapporten:
"Record high result expected
BAKKA Q4'10 report due Feb 21st. We expect a record strong Q4'10
report from BAKKA on higher volumes and higher EBITA/kg margins
q/q. We estimate an EBITA of DKK 117m in the quarter, up from DKK
70m in Q3'10. We anticipate BAKKA EPS up 67% y/y to DKK 7.7 in
2011e on 51% higher volumes. BAKKA is one off our top picks and
the company is attractively valued at P/E 11e/12e 5.7/7.5x and
EV/EBITA 5.6/6.1x. We have recently increased our salmon price
expectations for 11e/12e to NOK 36/32 (34.5/29) per kg. As a result,
we raised our target price from DKK 62 to DKK 70 (NOK 74)
We estimate a record high EBITA of DKK 117m in Q4'10e
We anticipate an EBITA of DKK 117m in Q4'10e, up from DKK 70m in
Q3'10. Earnings improvements owes mainly to a doubling of harvesting
volumes from 4k tons in Q3'10 to 8k tons in Q4'10e. The farming division
is expected to contribute with an EBITA of DKK 125m. We estimate an
EBITA/kg of DKK 15.7/kg from farming in Q4'10e, up significantly from
DKK 14.5/kg in Q3'10 on higher volumes
We expect a negative result from VAP
As BAKKA's VAP division purchase raw materials internally at spot prices
and sells a large share of its volumes on contracts, we expect a negative
EBITA of DKK 9m in Q4'10e. This is still better than the operational
EBITA of DKK -25m in Q2'10 and DKK -11m in Q3'10.
We have a buy rating on BAKKA, target DKK 70 (NOK 74)
BAKKA is one of our top picks within the seafood space. While Norwegian
volume growth has been negatively affected by colder sea temperatures,
we expect salmon farmers on the Faroes to have been less affected due
to their position in the middle of the gulfstream. We expect BAKKA to
harvest 35k tons in 2011e, up 51% compared to our estimate of 23k tons
in 2010e. As a result, we expect BAKKA's 11e EPS estimate up 67% to
NOK 7.7.
We anticipate BAKKA to pay DKK 3/share in dividends, down from our
previous estimate of DKK 3.5/share, for a direct yield of 6.0%
BAKKA is attractively valued at P/E 11e/12e 5.7/7.5x and EV/EBITA
5.6/6.1x vs peers at 7.6/8.7x and 6.6/7.1x respectively."
Mandag 21. er ikke mange dagene unna. Her er det bare å trykke på knappen merket "kjøp" |
uturen
10:15
21.02.2011
#6324
|
Pareto er raskt ute med analysen av kvartalsrapporten som kon tidligere i dag.
Her er noen klipp:
"Q4 10 review - minor changes
Bakkafrost delivered slightly lower than expected Q4 10 earnings
on lower than estimated volumes. Volume guidance for 2011e is
slightly down. On a positive note contract prices are rising
nicely, and contract share will be down y/y in another year of
assumed high salmon prices. Further, the company proposes a
dividend 30% ahead of our expectations. Buy reiterated, target
revised down to DKK 67(70), yielding ~30% upside potential.
Bakkafrost (BAKKA) delivered Q4 10 earnings lower than our
estimates primarily due to lower harvest volumes (and as a result
slightly lower EBITA/kg margin).
Financially sound farmer with organic/inorganic growth potential
BAKKA has the strongest balance sheet among OSE listed salmon
farmers. y/e 2010 equity ratio was 76% and net debt/EBITDA was
only 0.7x 2010 with only DKK 70m in net debt. BAKKA has
significant undrawn financing facilities of DKK 320m, and according
to our research additional financial abilities outside current frames if
attractive M&A opportunities should arise.
BAKKA reiterated at Buy, target DKK 67 (NOK ~70)
We reiterate our Buy recommendation on BAKKA. At current ~30%
of the company's 2011 volumes are contracted, with a target of 40-
50% for the year. 2011e harvest volumes are expected up 53% y/y to
33k tons, putting BAKKA in a leadership position on growth in a
strong market environment. At P/E 7.3x and EV/EBITA 6.1x 2011e
we find valuation attractive and reiterate our Buy recommendation.
Our DKK 67 target price implicitly values BAKKA at EV/EBITA 7.7x
2011e"
Bakkafrost må være et av de økonomisk mest velfunderte selskapene på Oslo børs.
Er man dem som søker selskaper med solide finanser kombinert med vekstmuligheter og avkastning, må BAKKA være et av førstevalgene! |
uturen
12:39
11.04.2011
#6348
|
Færøyenes største oppdretter blir ennå større.
"P/F Bakkafrost has signed a letter of intent to
acquire all outstanding shares in P/F Havsbrún. By
signing the agreement Bakkafrost will grow
significantly on the Faroe Islands which also is in
line with the Groups strategy.
Following the transaction Bakkafrost will control the
whole value chain from salmon feed production to the
production of value added salmon products (VAP).
The production of farmed salmon will increase by
7,000 tonnes gutted weight in 2011 to a total of
40,000 tonnes gutted weight, with further upside in
the coming years. Further Bakkafrost expects to add
value to its shareholders with the benefits from
economy of scale and better production planning.
The agreed purchase price amounts to DKK 1,100
million. The sellers will receive approximately DKK
403 million of the payment in the form of shares in
Bakkafrost. The remaining payment will be paid in
cash and will be financed by a combination of new
debt financing and existing facilities.
P/f Havsbrún is currently the second largest
shareholder of Bakkafrost, with an ownership of
approximately 16.7% per cent of the outstanding
shares in Bakkafrost. These shares will be used as
payment. Bakkafrost will not issue any new shares in
the transaction."
DK 1.100 mill tilsvarer etter dagens kurs 1,05
NOK 1.155 mill.
Til sammenligning kjøpte MORPOL tidligere i år Jøklefjord Laks AS for ca NOK 500 mill. Jøkelfjordlaks produserer samme kvantum som Havsbrun, ca 7.000 tonn sløyd vekt årlig.
Jøkelfjordlaks utnytter sine 6 konsesjoner fullt ut, men det kan være at noe av prisen BAKKA betaler gjenspeiler muligheter for å øke produksjonen på Havsbrun sine lokaliteter.
En sammenligning er ellers vanskelig ettersom jeg ikke kjenner omsetning og verdiskapning innenfor Havsbrun sin øvrige virksomhet som produsenet av fiskemel, -olje og fiskefor.
Uansett, kjøpet bekrefter - slik jeg ser det - at både oppdrettere og kjøpere av oppdretternes produkter har et langt mer optimistisk syn på prisnivået fremover for oppsrettslaks enn det som finansmarkedet synliggjør i verdsettingen av oppdrettsaksjene på Oslo børs. |
uturen
13:50
11.04.2011
#6349
|
Pareto har sett nærmere på dagens avtale:
"Bakkafrost (BAKKA) has signed a letter of intent to acquire 100%
of Havsbrun for an EV of DKK 1.2b, strengthening its position in
Faroe Island salmon farming to more than 50%, and extending
into feed and fishmeal/fish oil production. Valuation on
acquisition is according to our estimates accretive, and we view
the acquisition as strategically sound.
Bakkafrost gains more than 50% share of Faroe salmon farming
The acquisition of Havsbrun adds around 60k tons of feed, 25k tons of
fishmeal and 9k tons of fish oil. Further Havsbrun owns 78% of the
farming companies Faroe Farming and Viking Seafood, adding 5
farming licenses, an estimated production of 9k tons and a production
capacity of around 15k tons. The transaction is in line with BAKKA's
previously announced strategy of growing further in the Faroe Islands.
Bakkafrost will control 16 salmon farming licenses in the Faroe Islands
post transaction out of 28 licenses total for a market share of more
than 50%. The current limit is 50%.
BAKKA rated Buy, target DKK 67 (NOK 70)
Pareto has a Buy recommendation on BAKKA with a DKK 67 target price.
The consolidation of Faroe farming activities is viewed as strategically
important for BAKKA, and at a very reasonable price. The move into
feed/meal/oil could raise some strategic questions, but applying a
reasonable valuation on the farming activities, the implied valuation of
feed/meal/oil appears modest, and the risk is thus viewed as moderate."
|
uturen
09:19
24.05.2011
#6423
|
Som tidligere nevnt; Pareto sine analytikere på sjømat er morgenfugler.
Her er klipp fra deres førsteinntrykk av dagens rapport:
"Q1 11 first take: nicely ahead
Bakkafrost (BAKKA) delivered Q1 11 earnings nicely ahead of
expectations. Key surprise element was VAP in positive territory,
but Farming margins were also ahead of expectations, both on
higher price achievement. The company's outlook for the
remainder of 2011 is positive, with expectations of relatively high
salmon prices. Estimate revision is likely to be neutral to
positive. Share should win back recent lost territory.
Farming nicely ahead of expectations
Farming EBITA NOK 91m vs our NOK 84m estimate. Harvest
volumes spot on at 5.5k tons, while EBITA/kg margins were ahead at
DKK 16.6/kg vs our NOK 15.2/kg estimate. Vestlax performance is
reported to be significantly improved.
EBITA margin farming DKK 16.6 (NOK 17.7). This is largely in line
with MHG's reported margin of NOK 17.9/kg in the Faroe Islands in
Q1 11.
Farming North at DKK 17.2/kg (NOK 18.1) margin, while former
Vestlax had a calculated margin of DKK 15.0/kg (NOK 15.7)."
Pareto har 12 måneders kursmå på DKK 67, som vel tilsvarer ca NOK 70 |
uturen
21:12
14.07.2011
#6511
|
Her er Pareto sin dagsferske oppdatering:
"Bakkafrost
Rating: Buy
Target: DKK 60 / NOK 63 (DKK 67 / NOK 70)
Risk: High
Q2'11 report: Tuesday, August 16th 2011.
Estimate changes
We have reduced our 2011e EPS estimates by 12% to DKK 6.85 (7.75) on the back of the lower than previously expected Q2`11 salmon prices and our lower salmon price estimates for H2`11e.
2012e EPS is reduced by 12% to DKK 5.67 (6.47) on our new salmon price estimate of NOK 30 (32).
Key issues Q2'11e
Havsbrun (acquisition recently closed) is not included in our estimates as it will not be reported until Q3`11e.
BAKKA is expected to show a significant improvement q/q on higher harvest volumes and improving VAP performance.
Group EBITA is expected at DKK 129m in Q2`11e, up sharply from DKK 59m in Q2`10 and DKK 92m in Q1`11.
Farming is expected to be key driver of the earnings improvement, helped by strong prices in the US market during the quarter. Farming EBITA is estimated to DKK 126m in Q2`11e on 8.5k ton harvest for an EBITA/kg margin of DKK 14.8, slightly down both y/y and q/q/
VAP is expected to continue on the positive trend seen in the recent quarter when the division returned to positive earnings despite a strong pricing environment. There could be some upside to our VAP figures, somewhat dependent on the production pattern during the quarter." |
uturen
16:28
17.08.2011
#6530
|
Bakkafrost leverte i går og som forventet et godt resultat for Q2.
Her er noen klipp fra Pareto sin oppdatering:
"Premium margins
BAKKA released its Q2'11 earnings report yesterday. EBITA came in
almost spot on our expectations at DKK 127m. Hence, we make marginal
changes to our H2'11e and 2012e estimates for "old Bakkafrost".
However, as BAKKA completed the acquisition of Havsbrun in July 2011,
the company will be included in BAKKA's P&L from Q3'11e. BAKKA
including Havsbrun is valued at P/E 11e/12e 5.2/5.9x and our Buy stands.
11e/12e EPS estimates up 18/25% on consolidation of Havsbrun
Today‟s report did not trigger any estimate changes for "old Bakkafrost".
However, BAKKA completed the acquisition of Havsbrun in July 2011 and we
will consolidate this company in our estimates from July 1st 2011.
BAKKA owes currently 57% of the licenses on the Faroes, above the 50%
threshold. We expect BAKKA to divest its 78% holding in Faroe Farming (3
licenses) by the end 11e in order to comply with legislation.
We expect strengthening demand for salmon
Supply of salmon to the EU market is estimated up 9% in Q2‟11, following a
6% decline in Q1‟11. We expect that the recent decline in salmon prices will
result in lower retail prices and more promotions. There is a lagging effect, but we expect this to spur demand.
We reiterate our Buy recommendation, target DKK 60 (NOK 63)
BAKKA is the only vertically integrated salmon farmer. BAKKA has among the
industry‟s lowest production costs. While the company‟s margins have been
top tier over the last 18 months, we believe the relative performance will stand
out even stronger at somewhat lower market prices.
BAKKA is valued at P/E 11e/12e 4.9/5.5x and EV/EBITA 5.3/5.2x" |
uturen
20:54
08.11.2011
#6713
|
Før spotprisen på laks ble halvvert var BAKKA forsynelig nok til å skaffe seg flere bein å stå på. Dette gjenspeiles o Q3-rapporten hvor selskapet i likhet med de øvrige i sektoren taper inntekter på oppdrett, men hvor videreforedling av laks, fiskemel og -olje, fiskefor etc. viderefører inntektene.
Til forskjell fra AUSS som burde være direkte sammenlignbar, falt ikke kursen til BAKKA etter kvartalsrapporten, mens AUSS i dag fikk uforståelig har medfart på børsen.
Her er noen klipp fra Pareto sin oppdatering av BAKKA:
"A mixed Q3 11 report
BAKKA Q3 11 EBITA came in lower than anticipated at DKK 70m vs.
our estimate of DKK 99m. The deviation is mainly due to lower
farming volumes, while feed volumes and feed/VAP margins were
higher than anticipated. We make marginal revisions to our
estimates. Buy reiterated.
Q3 11: farming weaker than expected; VAP and feed strong
BAKKA reported a DKK 2.2/kg margin from farming, below our DKK
5.5/kg estimate on lower production volumes. VAP delivered a very
strong EBITA of DKK 33m vs. our estimate on DKK 15m on
significantly higher and impressive margins. Both feed volume (30.4k
vs. 22.0k tons) and feed margin (DKK 1.2/kg vs. 0.8/kg) surprised on
the upside.
We reiterate our Buy recommendation, target DKK 60 (NOK 62)
We believe that BAKKA will achieve further synergies between the
different segments, as well as profit from its strong position in both
the US market and the sushi segment. With among the industry's
lowest production costs and a large and increasing VAP division, we
believe BAKKA is in a good position to benefit from normalizing
salmon prices."
I likhet med alle andre i sektoren er det mye å hente, bare prisene tar seg noe opp og markedet tror at ulønnsomme priser er tilbakelagt. |
uturen
20:51
28.02.2012
#6861
|
BAKKA ned vel 4 % etter dagens tall, men var det som fortjent.
Nei mener Pareto sine analytikere som fastholder sitt kursmål på 60 kroner for dette året.
Her er Paeeto sin kommentar:
"We increase 2012 EBITA estimates by 4% on upped VAP and
farming volume estimates. Feed 2012 EBITA estimates are flat
post report, and we expect BAKKA to post an operating profit
before biomass adjustment of DKK ~400 in 2012. With an
estimated EV/EBITA of 6.9x we find BAKKA attractively valued
and reiterate our Buy recommendation. TP DKK 60 (NOK 61)."
Dagens markedsverdi er ca NOK 2 mrd.
Paret mener at et driftsresultat før biomassejusteringer på DKK 400 mill i 2012 er godt nok til å øke markedsverdien til 3 mrd.
Ikke umulig, men da må vi se en positiv prisutvikling for laks utover året og spesielt på slutten av året, slik at aksjemarkedet kan få tiltro til at det positive vil fortsette i 2013 og videre. |
break
07:46
22.05.2012
#350
|
22/05-2012 06:30:09: (BAKKA) Acceptable result for Q1 2012
(Glyvrar, Faroe Islands 22nd May 2012) Bakkafrost
made an operational EBIT of DKK 60.0 million in Q1
2012. All segments had positive operating margins.
The salmon prices in the quarter were stronger than
anticipated, and this had a positive effect on
Bakkafrost's results. The farming segment was the
best performing segment with significant higher
harvested volumes compared to the same quarter last
year, but to lower salmon prices. The VAP segment
performed well, with higher volumes and margins per
kilo compared to 1Q 2011. The fishmeal, oil and feed
segment also performed satisfying in a low seasonal
quarter.
Commenting on the results, CEO Regin Jacobsen said:
"The result for Q1 2012 was acceptable. The
biological performance was good and the market for
salmon remarkably strong, taking into account the
increase in the supply of salmon to the world marked.
We are optimistic for 2012, as the market allready
have absorbed a relatively high share of the
anticipated increase in supply. The biological
performance is good and our volumes will increase
significantly compared to 2011."
On 26 March 2012, Bakkafrost announced that it had
sold 51% of the total shares in P/F Faroe Farming, a
subsidiary of P/F Bakkafrost. Therefore, Faroe
Farming is a discontinuing operation in the Interim
Report for Q1 2012. Accordingly the figures commented
below are for the continuing operations if not stated
otherwise.
Financial Review
The operating revenues amounted to DKK 400.1 million
in Q1 2012 (DKK 240.3 million in Q1 2011). The reason
for the increase is higher harvested volumes, to a
lower price, and the acquisition of the Havsbrún
Group in the summer 2011.
Operational EBIT was DKK 60.1 million in Q1 2012 (DKK
92.0 million in Q1 2011).
A fair value adjustment of the Group's biological
assets has been recognised in Q1 2012, amounting to
DKK -7.4 million (DKK 41.1 million in Q1 2011). No
provisions for onerous contracts are in Q1 2012 (-5.2
million in Q1 2011).
Income from associates amounts to DKK -3.1 million
and is the result from Hanstholm Fiskemelfabrik in
which Bakkafrost owns 34%.
Net interest in Q1 2012 amounted to DKK -7.6 million
(DKK -0.7 million in Q1 2011). The increase in the
net interests is due to higher interest bearing debt
following the acquisition of Havsbrún in 2011.
Taxes amounted to DKK -6.7 million in Q1 2012 (DKK -
23.6 million in Q1 2011).
The result for Q1 2012 for the continuing operations
was DKK 35.2 million (DKK 103.5 million in Q1 2011).
The result for Q1 2012 for the discontinuing
operations after tax was DKK -18.8 million (DKK 0
million in Q1 2011).
The total result for the period was thus 16.4 million
(DKK 103.5 million in Q1 2011).
The Group had a net interest bearing debt at the end
of Q1 2012 amounting to DKK 764.1 million (DKK 816.8
million at year-end 2011) and had undrawn credit
facilities of DKK 310.9 million.
On 26 March 2012, Bakkafrost announced that it had
reached an agreement to acquire the non-controlling
shares in P/F Faroe Farming, corresponding to 21.93%
of the shares in the Company. With the agreement
Bakkafrost will become the owner of 100% of the
shares in P/F Faroe Farming effective from 1 January
2012. The transaction is an equity transaction.
Subsequent to the acquisition of the non-controlling
interests, P/F Bakkafrost has sold 51% of the total
shares in P/F Faroe Farming to the Faroese based
investment company P/F Tjaldur. Faroe Farming expects
to harvest 6,000 tgw in 2012. Therefore, Bakkafrost
will harvest in the range of 42,000-44,000 tgw in
2012, compared to previously guided 48,000-50,000
tgw. Following these two transactions, P/F Bakkafrost
complies with the |
Kjell T. Ringen
18:41
11.07.2013
#11329
|
VELDIG liten interesse for Bakkafrost her på ST!
Tar med ein liten notis frå ilaks.no:
Spår utbyttefest i Bakkafrost
DNB Markets spår seks kroner i utbytte per aksje i Bakkafrost. Det betyr 8,5 prosent i direkteavkastning - nær tre ganger risikofri rente.
I likhet med hele oppdrettsnæringen spås færøyiske Bakkafrost å legge bak seg et historisk godt år i år. Selskapet estimeres til å tjene 617 millioner danske kroner i 2013. EPS (netto resultat per aksje) ventes å bli 10,46 kroner. Av dette beregnes et utbytte på seks kroner. Deles utbytte per aksje på aksjekursen, blir det en direkteavkastning på komfortable 8,5 prosent. Det er omlag tre ganger det en får på høyrentekonto i banken.
Likevel, aksjen er ikke dyr, skal en tro meglerhuset. Med en P/E på 6,5 og en EV/EBIT på 6,0 holder det til at DNB Markets fortsatt har Bakkafrost inne i sin ukeportefølje som en av bankens syv favorittaksjer på Oslo Børs. |
Oldsmobile
18:58
11.07.2013
#5711
|
Akka Bakka ..... |
delta
10:46
05.11.2013
#20799
|
Bakkafrost leverer svært sterke Q3-tall som er på linje med konsensus. Pareto betegner det slik: "Bakkafrost - Q3 first take - indeed the prodigy of the class"
Bakka har tidligere guidet 45k tonn slakting i 2013. De melder i dag at noe slakting blir forskjøvet inn i Q1'14 slik at de tar årets slakteguiding til 42,5k tonn. De kommer for første gang med guidet slakting for 2014, 47k tonn. Iht. estimater innhentet av Reuters før Q3-rapporten var analytikerkonsensus for 2014 45,6k tonn og 49,4k tonn i 2015.
Bakka melder også om at et til av deres anlegg har en mulig bærer av amøbe som kan sette seg på fiskegjellene (AGD) slik at det nå gjelder 2 av deres anlegg i tillegg til 2 anlegg tilhørende andre oppdrettere på Færøyene. Så langt er det ikke bekreftet at det faktisk er AGD. Det foregår analyse av dette. Av det jeg har forstått, er det kun 1 av 3 ulike typer slike amøber som kan forårsake den type sykdom som kan påvirke fisken noe. Hvis det er en av de 2 andre typene amøbe, vil det ikke påvirke fisken. Den "farlige" typen er visst ikke uvanlig en liten del av året ved oppdrett andre steder enn på Færøyene (i Q4 i Skottland f.eks.), og ved riktig behandling av fisken går det relativt bra. Så langt her ikke Bakkafrost merket noen avvik på fiskehelsen i de anlegg hvor den mulige bæreren av AGD er oppdaget. I et av anleggene er fisken slaktemoden og slakting pågår, og det ventes ingen økonomisk påvirkning av mulig AGD. |
Kjell T. Ringen
10:53
05.11.2013
#11545
|
jeg brukte dagens nedgang til å kjøpe.
Lurt?
neppe med min historikk... |
uturen
11:01
05.11.2013
#7357
|
KTR
BAKKA er ned nesten 10 % fra kursen før det ble meldt om mulige amøber.
Med dagens knalltall som ventelig vil bli overgått av resultatet for dette kvartalet må det komme mye negativt både i markedet, om sjømatselskapene og om BAKKA spesielt for at dagens kjøp skal bli dårlig. |
delta
11:04
05.11.2013
#20800
|
Bakkafrost annonserte i juli en omfattende 5 års plan for investeringer med mål å effektivisere produksjonen i alle ledd av verdikjeden med sikte på kostnadsbesparelser (bl.a. sentralisere slakting, pakking, foredling), økt årsproduksjon og redusert biologisk risiko. I dagens Q-rapport gir de en mer fyldig beskrivelse av planene. Jeg sakser fra et tiltak for økt årsproduksjon:
Another part of the plan is related to organic growth. The plan is to increase the smolt production in terms of number and size of the smolts. The first part is carried out now and will be finished around year-end 2013. After this, Bakkafrost will be self-supplied with smolts at an average weight of 100gram. The second part is planned to be carried out in 2015 and comprises investments to increase the average size of the smolts. The idea is to increase the average weight from 100gram to around 130-150gram. This will result in shorter production time at sea and reduce the biological risk. By doing this, Bakkafrost is able to increase the production within the existing licenses.
Endret 05.11.2013 11:04 av delta |
delta
11:19
05.11.2013
#20801
|
For de som måtte ha interesse av det, finner dere konsensusdata for følgende her:
Kursmål
Årsestimater for de nærmeste årene
Kvartalsvise estimater framover |
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