Arctic Fish (Buy, TP: NOK135.00) - 2023e set to be transformative
We expect Q4 operating EBIT of NOK40m (no consensus), implying an EBIT/kg margin of NOK18.4 from a harvest volume of 2.2kt. We have made only minor adjustments ahead of the Q4 results, which are due at 06:30 CET on 15 February. We believe 2023e should be a transformative year, with Arctic Fish set to complete its investments in smolt expansion and its harvesting plant, facilitating growth and lowering costs and operational risk. We reiterate our BUY and NOK135 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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