Kaldvik (Buy, TP: NOK31.00) - Ramping up harvest in Q3
We expect Q3 operating EBIT of NOK9m, in line with consensus of NOK10m, and harvest of 4.5kt (in line with the guidance at Q2), corresponding to an EBIT/kg margin of NOK1.9. We expect the 2024–2025 volume guidance of 17.5–25kt to be reiterated, and believe investors should focus on comments regarding operational performance for seawater and smolt production. With our estimates largely intact, we reiterate our BUY and NOK31 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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