Arctic Fish (Buy, TP: NOK80.00) - Operational progress and strong 2025 volume guidance
Q3 operating EBIT of EUR0.9m was in line with the pre-announced figure in the trading update. With a harvest volume of 3.4kt, the EBIT/kg margin was EUR0.27. The price achievement in Q3 was solid at 107% of the reference price, driven by good average harvest weight and strong superior share. The biological development and growth are stated to have remained steady. The 2024 volume guidance was edged up by 0.3kt to 10.4kt, while 2025 was strong at 15kt (+44 YOY). 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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