Ice Fish Farm (Buy, TP: NOK33.00) - All eyes on operational execution
Ice Fish Farm reported Q2 operating EBIT of NOK-24m, NOK11m ahead of our NOK-35m estimate (no reliable consensus). With no harvest in Q2, our focus was on management’s operational comments, where the underlying trend was broadly as we expected. However, challenges with winter wounds and parvicapsulosis were negatives, despite corrective actions being taken. The 2023 harvest volume guidance was unchanged at 6kt despite the seawater production guidance being cut by 1kt. We have reduced our 2023–2025e EPS by 0.8–9.2%, but reiterate our BUY and NOK33 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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