Icelandic Salmon (Hold, TP: NOK125.00) - Solid biology in Q4
Q4 operating EBIT of NOK16m was broadly in line with consensus, but NOK29m above our estimate. The biological performance was solid, with good growth, a 94% superior share, and a 5.2kg HOG average harvest weight, which boosted the realised price. The 2025 volume guidance of 15kt was reiterated, but was more back-end loaded than we expected, hurting realised prices and costs in Q2e and Q3e. We reiterate our HOLD, but have cut our target price to NOK125 (130).
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.