Icelandic Salmon (Hold, TP: NOK135.00) - Stabilised biology
Q3 operating EBIT of NOK-35m was slightly below our estimate and consensus of NOK-25m. Biology stabilised in Q3 after a challenging H1, and focus shifted to rebuilding biomass. The 2024 volume guidance of 13kt was unchanged, while 2025 was guided at 15kt, 3.2kt–4.2kt below our estimate and consensus. We have cut our target price to NOK135 (145) on our lowered estimates, and downgraded to HOLD (BUY), with the valuation looking fair at a 2025–2026e P/E of 22.6–9.8x.
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.