Arctic Fish (Buy, TP: NOK90.00) - Trading at attractive levels
Despite severe sea lice challenges in Q3 and Q4, we have upgraded to BUY (HOLD) and reiterate our NOK90 target price, as we see significant value at the current share price. For reference, Mowi acquired 51.28% of the company at NOK115/share and Sildarvinnslan 34.19% at NOK100/share. For Q4, we expect operating EBIT of EUR0m (in line with consensus) from a 1.9kt harvest, corresponding to an EBIT/kg margin of EUR0.15.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.