Icelandic Salmon (Buy, TP: NOK200.00) - A record quarter
We expect Icelandic Salmon to report record-high operational EBIT of EUR14.2m for Q2, corresponding to an EBIT/kg margin of EUR4.73. For H1, we expect operational EBIT of EUR23.7m and an EBIT/kg margin of EUR3.70 (no consensus available). We have increased our 2022e EPS by 1.5% to reflect the trading update and record-high Q2 spot prices. We reiterate our BUY and NOK200 target price. The report is due at 06:30 CET on 25 August.
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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