Ice Fish Farm (Hold, TP: NOK30.00) - Q1 miss and soft guidance
Q1 operating EBIT of NOK28m was NOK74m below our estimate and NOK56m below consensus, mainly driven by higher farming costs than expected, but also lower realised prices. Q2 volume guidance was soft versus our estimate, while 2024 guidance was unchanged at 21.5kt. Based on the report, we have made our harvest profile more back-end loaded for 2024–2026e, increased cost/kg and made minor revisions to realised prices. In sum, we have lowered our 2024–2026e EPS by 14.7–52.4%. We have cut our target price to NOK30 (32) on reduced estimates, downgraded to HOLD (BUY), and see more attractive opportunities elsewhere in the sector.
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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