Arctic Fish - Initiation of coverage - The Icelandic cost leader
Arctic Fish operates in the West Fjords of Iceland, a relatively new salmon farming region with characteristics similar to those in Finnmark, Norway, which should allow rapid volume growth. Investing to become vertically integrated and backed by NRS, the company looks well positioned to benefit from the growth potential in Iceland, with harvest volumes set to increase from ~11kt today to ~24kt by 2025e. We expect margins to expand, driven by investments in the value chain, reducing costs and achieving higher prices, and we initiate coverage with a BUY and NOK115 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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