Ice Fish Farm (Buy, TP: NOK40.00) - Challenging quarter
Q2 operational EBIT was NOK-86m, NOK25m below our estimate and NOK36m below consensus. ISA-related write-downs and provisions were NOK104m. No new information on the refinancing was given but the process is targeted to be completed by year-end. The H2 capex guidance was cNOK145m above our estimate. The volume guidance for 2023 of 6kt was below our 12.5kt estimate, while for 2022 was increased by 2.3kt to 11.3kt, and for 2024 was 20kt (in line with our estimate). Overall, we view this as a slightly soft report, and expect negative consensus revisions for 2023 while 2024 should be largely unchanged. We expect the share price to be down 3–5% today.
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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