Icelandic Salmon (Buy, TP: NOK200.00) - H1 spot on our forecast
Icelandic Salmon reported H1 2022 operating EBIT of EUR23.0m, spot on our forecast of EUR23.7m (no consensus available). Continued stable biological performance resulted in stable costs and solid results. 24.6% of H1 volumes were sold to North America. There was no change to the status of licence applications in the quarter. Overall, a solid report, but we expect 2–4% negative revisions on 2022 EPS to reflect slightly higher guided cost for Q3 than expected, somewhat offset by a lower than expected contract share. 2022 harvest volume guidance of 16kt was unchanged. We expect the shares to trade in line with the sector today.
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.