Ice Fish Farm - Initiation of coverage - The East Coast farmer
Ice Fish Farm operates in the East Fjords of Iceland, a relatively new salmon-farming region with characteristics similar to those of Finnmark, Norway. Being vertically integrated and backed by the Måsøval family, the company is set to leverage best practice in building the salmon-farming industry in Iceland. It is the only farmer on the East Coast after acquiring Laxar, and production look set to normalise after recent biological challenges; we estimate 145% volume growth in 2022–2024. We initiate coverage with a BUY and NOK40 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.
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