Icelandic Salmon (Buy, TP: NOK195.00) - Solid Q3e coming up
We expect Q3 operating EBIT of EUR8.0m, corresponding to an EBIT/kg of EUR2.11 (no consensus available). We have made only minor adjustments to our 2022e EPS based on slight upward revisions to our contract prices forecast for H2 and our updated external harvest volume assumptions. We reiterate our BUY and NOK195 target price. The report is due at 06:30 CET on 10 November.
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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