Investment Ideas (AO) | Green impact selection: Bakkafrost replaces Veolia

Research evidence excerpt

Investment Ideas (AO) | Green impact selection: Bakkafrost replaces Veolia

Investment Ideas

The company's harvest should be good, and an upgrade is possible (based on good seawater and biomass). The hedging in DKK

prevents them from the negative impact of the recent NOK appreciation. And the problems from the acquisition in Scotland are

now probably completely discounted by the market.

After loosing 41% in the last year 18 months, and with a valuation at 12.7x EV/EBIT, vs 19.2x historically (on average for the last 10

years), and a decent balance sheet (1.8x ND/EBITDA), we think that the risk/reward is interesting.

A link to the company's last CMD can be found here.

To let Bakkafrost in, we remove Veolia from the list, although we continue to like it very much. The stock has solid grounds, the

management team is methodically improving the company's profile, but after two years in our selection, we think that it is

healthy to look for new opportunities. At this stage, we think that Bakkafrost's risk/reward is superior to Veolia's.

Green impact selection: Iran war absorbed (for now)

Like the general market, the Green impact selection started the year strong, suffered from Iran war and has come back to positive

territory again (+1.6% absolute).

Taking a step back, the performance has been strong: +97.8% since inception in June 2019 and +37.8% above the Stoxx 600 that

we use as a benchmark.

Chart 2:Performance YTD Chart 3:Performance since inception

Source: Kepler Cheuvreux Source: Kepler Cheuvreux

As of today, the 14 stocks of the selection are the following:

Table 1:Green impact selection as of 13th May 2026

Company Curr Target Price Upside Market Cap (EUR) Country Sector Analyst

Arcadis EUR 40.00 36.34 10 % 3,286.7 Netherlands Support services Simon Van Oppen