Arctic Fish (Buy, TP: NOK80.00) - A strong start to the year
Q1 operating EBIT was EUR9.7m, in line with the trading update. With 2.5kt harvested, the EBIT/kg margin was an impressive EUR3.84/kg. The 2024 volume guidance was unchanged, but the smolt expansion project seems to have been delayed until 2025 given the capex guidance for 2024. Nevertheless, our 2024–2026e volumes are unchanged, supported by current value-chain capacity, in our view. We reiterate our BUY and NOK80 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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