Arctic Fish (Buy, TP: NOK80.00) - Neutral Q4 report
Q4 operating EBIT of EUR2.1m was in line with the pre-announced number in the trading update, as was the harvest volume of 3.5kt and the EBIT/kg margin of EUR0.61. The biological trend and growth in Q4 evolved as expected, according to the company, and quarterly price achievement was strong at 109% of the reference price. The 2025 volume guidance of 15kt was unchanged and it was a positive that, according to management, it has secured sufficient smolt capacity to reach its 25kt harvest by 2029 target. We have made slight changes to our 2025–2027e EPS following the report, 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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