Ice Fish Farm (No_rec, TP: NOK) - Quiet Q1 with no harvest
Q1 operating EBIT was NOK0m, in line with our estimate (no consensus) as there was no harvest in the quarter. Harvesting is set to recommence in Q3, according to plan. Ice Fish Farm reported somewhat lower seawater production and smolt release than expected, but 2023–2024 harvest volume guidance was unchanged at 6kt–20kt. It also completed a refinancing in Q1, making it fully financed for 2023–2025e. As DNB Markets acted as Sole Global Co-ordinator and Joint Bookrunner in the recent equity raise, we have no target price or recommendation.
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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