Arctic Fish (Buy, TP: NOK125.00) - Neutral Q1 and guidance
Q1 operating EBIT was NOK114m, from a harvest volume of 4.9kt, corresponding to EBIT/kg of NOK23.2, in line with the pre-announced numbers. The reasons for the rather soft results versus fundamentals were poor price achievement, an expensive harvest solution and a steep rise in COGS QOQ. The smolt expansion project is said to be delayed by one year due to the smolt unit fire in February, which is broadly in line with our expectation. We reiterate our BUY and NOK125 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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