Arctic Fish (Buy, TP: NOK80.00) - Q2e below consensus
We expect Q2 operating EBIT of EUR2.4m, EUR0.8m below consensus of EUR3.2m. Based on a harvest volume of 1.2kt (consensus: 1.2kt), our estimate corresponds to an EBIT/kg margin of EUR2.04, versus consensus of EUR2.75. The deviation to consensus is a result of our higher cost assumptions, which in turn are driven by higher fixed costs on the low quarterly harvest volumes. The report is due at 06:30 CET on 21 August. We reiterate our BUY and NOK80 target price, and believe the current share price offers an attractive entry point.
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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