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Ambition to spin-off and list the company (no timeline)
Scaling AION in three stages, step 1: AKBM full circularity by 2023
Tapping into a large potential plastic waste market
Highlights AKBM’s in-house innovation capabilities and sustainability focus
Companies: Aker BioMarine ASA
Launch of Lysoveta, LPC-EPA/DHA from krill (first of its kind)
6 years of science, regulatory approval expected by end-2022
Unlocking new opportunities and opens new large markets
We view the announcement as highly supportive
Aker BioMarine reported Q3 results in-line with expectations. The company kept its 2020 USD 80-90m EBITDA guidance unchanged despite non-recurring challenges and lower than previously expected utilization for Antarctic Endurance, demonstrating strong onshore performance. The USD 200m EBITDA target for 2024 remains in place and, in our view, is not reflected in the share price. We stick to our Buy rating as well as our NOK 185 TP.
Adjusted EBITDA of USD 26.8m (Arctic: USD 27.4m, Cons.: USD 26.8m)
2020 EBITDA guiding reiterated at USD 80 – 90m, now in low-end of range
Reiterates EBITDA margin target of 30% in 2022 and USD 200m in 2024
Reiterated guiding should be supportive following weak performance
Aker BioMarine will release its Q3/20 results on Friday 30 October. We have not made any changes to our estimates in this preview, and reiterate our adj. EBITDA projection of USD 27.4m. Our main attention will be towards AKBM’s 2020 adj. EBITDA guiding of USD 80-90m, as well as the progress of KORI sales. We stick to our Buy rating as well as our NOK 185 target price ahead of the Q3/20 report.
Aker BioMarine is the only fully integrated player and has a 70-80% global market share in the Krill industry. We expect an adj. EBITDA CAGR of 38% during 2019 – 2022, which significantly outperforms all its peers. CapEx is set to normalize from 2022 onwards which will boost FCF yield towards 10% in 2022 based on the current share price. We initiate coverage with a Buy rating, and we introduce a target price of NOK 185.
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Capital Metals today updates the market on the economics for the development of the Eastern Minerals Project in Sri Lanka – one of the world's highest grade mineral sands projects. The low capital cost of $37m to positive cashflow and $81m in total (which includes a 20% contingency) is to be spread over 4 years as Capital Metals brings the project into full production in four stages; from delivering a Heavy Mineral Concentrate (HMC) to expansion and mineral separation to sell separate mineral s
Companies: Capital Metals plc
Companies: Premier Foods plc
DKL operates a market-leading sustainable palm oil processing business alongside a nascent cashew processing operation which is currently positioned to move into a strong production phase. This morning's update highlights continuing very strong Crude Palm Oil prices achieved by DKL, with the April CPO at €1,061 per tonne up 32% YoY, while Palm Kernel Oil (PKO) has surged by as much as 72.8% YoY. As anticipated when the company reported two months ago, CPO volumes were weak last month (a region
Companies: Dekel Agri-Vision Plc
Companies: Origin Enterprises Plc
Companies: ARB JOG RCN RBN ZAM
Companies: Cranswick plc
Companies: Greencore Group Plc
Coca-Cola drove strong results in 2021 and gave a promising start to the current year. The operating environment was affected because of challenges in the supply chain, record-high inflation, and geopolitical conflict. The company delivered unit case volume growth of 8% in the past quarter, mainly driven by a robust recovery in channels away from home and a continuation of growth in channels of at-home. Coke has continued working with its bottling partners to strengthen distribution and expandin
Companies: The Coca-Cola Co (KO:NYSE)Coca-Cola Company (KO:NYS)