Arctic Fish (Buy, TP: NOK115.00) - Soft quarter, but positive outlook
Q3 operating EBIT was NOK17m, below our estimate of NOK36m (no consensus). With a pre-announced harvest volume of 2kt, this corresponded to an EBIT/kg of NOK8.8. The miss was driven by significantly lower than expected realised prices, while costs were in line. 2022 volume guidance was cut by 1.2kt to 9.4kt, but 2023 guidance was increased by 1.1kt to 14.1kt. We have upgraded to BUY (HOLD) on the recent weakness and reiterate our 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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