Arctic Fish (Hold, TP: NOK115.00) - Set to unlock full potential
We expect Q3 operating EBIT of NOK36m (no consensus), implying an EBIT/kg margin of NOK18.2 from the pre-announced harvest of 2.0kt. We have updated our 2022–2024 estimates for the trading update and made other minor adjustments. Following Mowi’s acquisition of 51.28% of the company at NOK115/share, we believe Arctic Fish is set to unlock its full potential, and have increased our target price to NOK115 (105). However, we have downgraded to HOLD (BUY) due to the recent strong share-price performance. The results are due at 06:30 CET on 16 November.
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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