Icelandic Salmon (Buy, TP: NOK185.00) - Below consensus for Q1e
With biological challenges in H2 2023, 2024 is set to be a lost year for growth, but 2025 volumes are unaffected, resulting in c55% volume growth, and we continue to find significant value at the current share price. For Q1, we expect operating EBIT of NOK67m, 34% below consensus of NOK101m, mainly driven by consensus harvest of 3.7kt, versus 2.8kt reported in the trading update. However, our EBIT/kg margin of NOK23.9 is 12% below consensus of NOK27.2 as well. We reiterate our BUY and NOK185 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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