Icelandic Salmon (Buy, TP: NOK190.00) - A lost year in 2024
Q3 operating EBIT of EUR3m was 35–55% below consensus and our forecast, driven by higher-than-expected costs. The company guided for EUR5m–6m in one-offs for Q4 from biological challenges, below our cEUR10m estimate. Despite increasing volumes for 2023 by 1kt on good growth, the 2024 guidance of 15kt was a disappointment, albeit driven by the biological challenges. Management commented that 2025 volumes are unaffected; thus, we consider 2024 a lost year for meaningful growth. We reiterate our BUY but have cut our target price to NOK190 (210).
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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