More contracts at attractive prices
Q2 operating EBIT was slightly softer than expected, but management guided for healthy biology and 42% contract coverage in Q3 at an attractive NOK66/kg. We have raised our 2017–2019e EPS by 5.9–2.0%, mainly on a stronger contribution from associated companies. With a 48% increase in reported biomass in the sea, the company is well placed to meet its growth ambitions in our view. We maintain our BUY recommendation and have raised our target price to NOK185 (NOK180) to reflect our estimate changes.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.