Ice Fish Farm (Sell, TP: NOK21.00) - Set for another challenging quarter
We forecast Q3 operating EBIT of NOK-21m, NOK7m below consensus of NOK-14m. With an estimated harvest of 2.5kt in the quarter, the corresponding EBIT/kg margin is NOK-8.4. Q3 will be another quarter that is heavily affected by ISA, making estimate risk higher than usual, in our view. With NOK130m in capex set for H2e and NOK107m for 2023e, a guided harvest of only 6kt for 2023, and debt capacity that is almost fully utilised, we see a funding gap of cNOK600m. We reiterate our SELL and target price of NOK21.
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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