Arctic Fish (Buy, TP: NOK115.00) - Expecting a solid Q2 despite low harvest volumes
We expect Q2 operating EBIT of NOK38m, implying a solid EBIT/kg margin of NOK38.2, despite harvesting only 1.0kt in the quarter (pre-announced), with 0.3kt guided sold on-contract (the full results are due at 06:30 CET on 31 August). We have updated our estimates to reflect the trading update and revised our price assumptions following the record-high Q2 spot price. We reiterate our BUY and NOK115 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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