Ice Fish Farm (Buy, TP: NOK36.00) - Unleashing potential from H2e
As well as unveiling a name change to Kaldvík, the CMD left us with a positive impression following the 2-year operational turnaround. Improved smolt quality, fish health and biosecurity, combined with being the only fish farmer on Iceland’s east coast (which is free of sea lice), bode well, in our view. After raising our 2025–2026e EPS by c32% on our strengthened confidence in the biological outlook, we have increased our target price to NOK36 (30) and upgraded to BUY (HOLD).
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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