Pareto Securities reiterates its Buy recommendation for Biomar and raises its price target to DKK 150 from DKK 140 following a strong third-quarter report.
Operating profit, EBIT, amounted to DKK 618 million, 30 percent above Pareto’s forecast and 50 percent higher than the previous year. The salmon segment drove the earnings uplift, while the shrimp segment was weighed down by weaker margins and volumes.
Biomar raised its full-year EBIT forecast to DKK 1,290–1,360 million from DKK 1,200–1,300 million, but lowered its volume forecast.
Pareto raises its EBIT forecast for 2026 by 8 percent to DKK 1,356 million. The stock trades at a forward P/E multiple of 11.7 for 2027, corresponding to a 14 percent discount to salmon farmers.
The brokerage considers the share price decline following the record report difficult to explain and views the valuation as attractive.
