Icelandic Salmon (Buy, TP: NOK190.00) - Q4 below our high expectation
Q4 operating EBIT was NOK98m, 19% below our forecast of NOK120m (no consensus). The miss was partly driven by one site with wound issues hurting realised prices and likely higher costs than we estimated. The 2023 outlook was mixed, with some accelerated harvest of fish with wounds for Q1, leaving reduced volumes for Q2 when spot prices typically peak, as well as a modest 10% contract share. The 2023 volume guidance was unchanged at 16kt. We reiterate our BUY but have cut our target price to NOK190 (195) on our lowered estimates.
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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