Ice Fish Farm (Hold, TP: NOK29.00) - Last quarter of weak fish harvest
We expect Q4 operating EBIT of NOK-2m from a harvest volume of 3.2kt, corresponding to an EBIT/kg margin of NOK-0.7. We estimate stable costs QOQ and a 50% contract share, in line with the guidance provided with the Q3 results. We believe the keys for the company are to ensure solid biological performance and address its funding need in H1. We reiterate our HOLD and NOK29 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.
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.