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Martin Kaland ... (+2)
  • Martin Kaland
  • Simon Brun
PREMIUM
NCOD NORCOD

Norcod - Q1: Weaker EBIT, but biology still looks good

Weak Q1 as high start-up cost continues on first batch Biological performance supportive of strong growth ahead Expect negative changes to cons ’22e EBIT

06/01/22 June 1, 2022 1 EN
Martin Kaland ... (+2)
  • Martin Kaland
  • Simon Brun
PREMIUM
NCOD NORCOD

Norcod - Expect cost improvements in the second cycle

First cycle supportive of biology and price assumptions… …while cost/kg should come down in next cycle Improvements discounted at ’24e P/E of 21x, HOLD

03/07/22 March 7, 2022 1 EN
Martin Kaland
  • Martin Kaland
PREMIUM
NCOD NORCOD

Norcod - Q3: Commercial harvest has started

345 tons harvested, revenue of NOK 16m (NOK 46/kg) Operational EBIT of NOK -8m due to low scale Expects significantly lower costs in Q4 on higher volume

11/04/21 November 4, 2021 4 EN
Erlend Godager ... (+2)
  • Erlend Godager
  • Martin Kaland
PREMIUM
NCOD NORCOD

Norcod - Q2 report: Set to start harvest in mid-August

Positive development in sea, harvest to start shortly Approaching planned size of 3.5-4kg We expect limited estimate changes to consensus

08/12/21 August 12, 2021 4 EN
Erlend Godager ... (+2)
  • Erlend Godager
  • Martin Kaland
PREMIUM
NCOD NORCOD

Norcod - An optimistic scenario largely discounted

On track for a successful first commercial harvest of cod Upside to long-term targets, but too early to price in Downgrade to HOLD (Buy), TP up to NOK 110 (104)

06/25/21 June 25, 2021 16 EN
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