Icelandic Salmon (Buy, TP: NOK180.00) - A bump in the road
We view the Q3 operating EBIT of EUR3.7m as soft, as it was EUR4.3m below our EUR8.0m estimate (no consensus). The miss was driven by a disadvantageous harvest profile and a EUR2m one-off expense. Underlying biological performance remained strong. 2023 volume guidance of 16kt was 4kt below our estimate, and comments on 2024 suggest the 30kt milestone will likely be delayed. We reiterate our BUY but have cut our target price to NOK180 (195).
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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