Arctic Fish (Buy, TP: NOK80.00) - Above consensus for Q1e
We expect Q1 operating EBIT of EUR4.9m, EUR0.4m (9%) above consensus of EUR4.5m. Based on a harvest volume of 2.0kt (consensus: 2.8kt), our estimates correspond to an EBIT/kg margin of EUR2.45 versus consensus of EUR1.61 (results due at 06:30 CET on 8 May). We continue to find significant value at the current share price, and 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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