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.
09 Aug 2020
IoC: Super(ba) growth and return prospects
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
IoC: Super(ba) growth and return prospects
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.