Arctic Fish (Hold, TP: NOK90.00) - Time for a break
Arctic Fish reported Q3 operating EBIT of EUR0.7m, in line with the figure pre-announced in Mowi’s trading update; however, EBIT reflected impairments and restructuring costs of EUR17m following biological challenges. Furthermore, the harvest guidance was cut by 3kt to 11.5kt for 2023, and by a whopping 7kt to 10kt for 2024. We have updated our estimates to reflect the guidance, increased costs for 2023–2025, and a 4.6kt volume cut for 2025. In sum, we have lowered our 2024–2025e EPS by 59.9–39.2%. We have downgraded to HOLD (BUY) and cut our target price to NOK90 (110).
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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