Bakkafrost’s Q4/20 results were below expectations, and we have in this update lowered our 2021-22 estimates by 11% and 7% respectively – due to lower H1/21 prices and higher cost assumptions. Although the company should benefit from a normalized situation post Covid-19, we still find valuation rich, and continue to see more value elsewhere. We stick to our Hold rating as well as our NOK 600 target price.
