Icelandic Salmon (Buy, TP: NOK200.00) - Good timing for high volumes
We expect Q1 operating EBIT of NOK268m, 28% above consensus of NOK209m, driven mainly by lower cost assumptions. The pre-announced harvest of 6.6kt corresponds to an EBIT margin of NOK40.6/kg. Ahead of the report (due at 06:30 CET on 11 May), we have cut our 2023e EPS by 5.4%, primarily due to changes in the harvest profile. We reiterate our BUY and NOK200 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.