Arctic Fish (Buy, TP: NOK80.00) - Uneventful Q2
Q2 operating EBIT of EUR2.3m was in line with the pre-announced figure in the trading update. With a harvest volume of 1.3kt, EBIT/kg was EUR1.82. The price achieved versus the reference price was strong at 102%, likely helped by timing, size and high superior share. Biological performance was stated to be relatively good, with steady growth, an improved average harvest weight, and a high superior share. The 2024 volume guidance of 10.1kt was unchanged. 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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