Kaldvik (Buy, TP: NOK32.00) - Strong biology improvements
Q3 operating EBIT of EUR2.1m was EUR1.3m above our estimate (despite volumes 0.7kt below the Q2 guidance) due to a stronger realised price. With clear signs of biology improving and a strong biomass status in sea, we find Kaldvik well positioned ahead of the seasonal uptick in prices. The 2024–2025 volume guidance was cut to 15–25kt. We reiterate our BUY and have raised our target price to NOK32 (31).
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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