Ice Fish Farm (Buy, TP: NOK40.00) - Q2e should be the trough
We forecast Q2 operating EBIT of NOK-61m, NOK11m below consensus of NOK-50m, but highlight that uncertainty is unusually high given the outbreak of infectious salmon anaemia (ISA) at the company’s facilities. Ice Fish Farm is working on a refinancing plan, for which we expect more details in the Q2 report. We believe Q2 will mark the trough for the company, with normalised operations from Q3 2023e. We reiterate our BUY and NOK40 target price based on Ice Fish Farm’s medium-term potential. The Q2 report is due at 07:00 CET on 29 September.
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.