Arctic Fish (Buy, TP: NOK85.00) - Softer spot price in Q4, major large-fish premium
We expect Q4 operating EBIT of EUR3.2m (no reliable consensus), which corresponds to an EBIT/kg margin of EUR0.99 based on a harvest volume of 3.2kt, in line with the guidance given at Q3. Ahead of the report, we have only made minor adjustments to our realised price and cost assumptions. We reiterate our BUY and have raised our target price to NOK85 (80) on higher peer valuation.
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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