Kaldvik (Buy, TP: NOK36.00) - Low Q2 harvest, set for comeback in H2
We expect Kaldvik (formerly Ice Fish Farm) to report Q2 operating EBIT of NOK1m (no reliable consensus available) based on a harvest volume of 0.6kt (guided with the Q1 report), corresponding to an EBIT/kg margin of NOK1.5. Having updated our cost assumptions, we have raised our 2024e EPS by 5.7% but trimmed our 2025–2026e EPS by 0.1%. The results are due at 07:00 CET on 29 August. We reiterate our BUY and NOK36 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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