Arctic Fish (Buy, TP: NOK115.00) - Q2 in line with expectations
Q2 operational EBIT was NOK36m, 6% below our NOK38m estimate (no consensus available). Operations have stabilised after the Q1 incident, and investment projects are going according to plan. There was no change in the status of licence applications or capex budgets in the quarter. Overall, we view this as a neutral report, and we expect no material revisions to 2022e EPS. The 2022 harvest volume guidance of 10.6kt was unchanged. We expect the stock to trade in line with the sector today.
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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