Arctic Fish (Buy, TP: NOK135.00) - Financial strength secured
Q4 operating EBIT was NOK28m, NOK12m below our estimate of NOK40m due to a 0.9kt lower than expected harvest volume. However, the EBIT/kg margin of NOK20.7 was solid and beat our NOK18.4 estimate, driven by a higher realised price. Volume guidance was positive, with 2023–2024 guidance raised by 1.2kt and 2.6kt, respectively. Capex guidance for the expansion projects was increased and is now in line with our estimate. The company also secured a NOK250m bridge loan in Q4, ensuring financial strength for its rapid growth phase. 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.