Arctic Fish (Buy, TP: NOK80.00) - Supportive CMD targets
We expect Q3 operating EBIT of EUR1.4m (consensus EUR1.7m), which corresponds to an EBIT/kg margin of EUR0.42 (consensus EUR0.54) based on harvest volume of 3.3kt (consensus 3.2kt). For 2025 we expect the company to guide for 13.0kt (consensus 12.1kt). As part of Mowi’s CMD, it outlined its 25kt harvest target by 2029, in line with our DCF assumptions. We find the road map and guide to long-term trajectory supportive, 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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