Arctic Fish (Buy, TP: NOK125.00) - High costs weigh on Q1 EBIT
The Q1 trading update revealed operating EBIT of cNOK113m (we forecast NOK204m), a harvest volume of 4.9kt (our estimate and guidance at Q4: 4.5kt), and EBIT/kg of cNOK23 (we forecast NOK45.4). The deviation from our estimates is likely driven by high harvesting costs, as its usual harvest arrangement was unavailable. The full report is due at 06:30 CET on 10 May. We reiterate our BUY but have cut our target price to NOK125 (130) on lowered estimates, corresponding to a 2024–2025e P/E of 12.8–12.2x.
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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