Icelandic Salmon (Buy, TP: NOK170.00) - Disappointing Q1
Q1 operating EBIT of NOK-6m was NOK73m–31m below our estimate and consensus, respectively, driven by unflagged biological challenges (NOK15/kg in one-off costs) and high underlying cost/kg. Following the disappointing Q1 report and negative guidance, we have revisited our estimates and cut our 2024–2025e EPS by 87.8–24.2%. We reiterate our BUY, but have cut our target price to NOK170 (185) on lowered forecasts.
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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