Icelandic Salmon (Buy, TP: NOK195.00) - Solid Q4 and 2023 expected
We expect Q4 operating EBIT of EUR11.8m, from a pre-announced harvest volume of 6.0kt, corresponding to an EBIT margin of EUR1.96/kg (no consensus). Ahead of the report (due at 06:30 CET on 22 February), we have made only minor adjustments to our estimates. A key point of interest will be the guided contract share for 2023, which we believe is on very attractive terms: we estimate 30%, the maximum under the company’s strategy. We reiterate our BUY and NOK195 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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