Arctic Fish (Buy, TP: NOK125.00) - Back on track
We view the Q2 operating EBIT of NOK36m as solid, albeit just below our forecast (no consensus available). Operations have stabilised after the Q1 incident, and management said investment projects are progressing as planned. There was no change in the status of licence applications or capex budgets in the quarter. The 2022 harvest volume guidance of 10.6kt was unchanged. We reiterate our BUY and have raised our target price to NOK125 (115) after increasing our 2022–2024e EPS.
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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