Icelandic Salmon (Buy, TP: NOK200.00) - Q1 slightly below expectations
Q1 operating EBIT was NOK204m, 13% below consensus, corresponding to an EBIT/kg of NOK31.0 from the 6.6kt harvested. Adjusting for the EUR1.8m one-off from biological challenges, the underlying EBIT was 4% below consensus. Guidance was for a very low harvest in Q2 and stable cost trends for 2023. The 2023 harvest guidance of 16kt was unchanged. 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.
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