Norway: Updated traffic lights suggest lower growth

Well out of the woods

'24e largely unchanged. Significant biomass recovery makes for a credible growth story in the coming years. Back on track; '24e-25e P/E 15-10x. BUY, TP NOK 36.

Q4: EBIT in line, reiterate guidance

One step forward, one step back

Higher salmon prices as biology goes from bad to worse, but muted '24e EBIT impact; flipside is volumes down and costs up. The playing field is changing, but we remain sector BUYers.

About to show its true colours

We expect Q4'23e EBIT of NOK 42m (Factset cons. NOK 51m). Q4 should be a signal of what's to come: a credible '24e-'25e growth story that remains undervalued by the market. BUY, TP NOK 36 (35).

Comeback kid

Q3 EBIT of NOK 4m, finally back to harvesting mode. Significant biomass recovery; credible '24-'25 growth story. Back on track; '24-25e P/E 15-10x. BUY, TP of NOK 35

Q3: Finally back harvesting and sharp increase ahead

Recent weakness offers a second chance

Market fundamentals look better than we feared, but sector is down 8% and consensus is now more aligned with us. We thus see improved risk/reward at '23e-24e P/E of 15-12x.

Harvesting mode resumed

Q3'23e EBIT NOK -2m (Factset cons. NOK -12m). Back to harvesting mode; credible '24e-'25e growth story that remains undervalued by the market: BUY, TP NOK 35 (34).

One step closer to resuming harvest activity

Approaching the inflection point

Sector down 12% on weak spot-price sentiment since May. Some potential negative data points left, but set to turn in H2, and largely reflected with sector at '23e-'24e P/E of 15-12x. Our sector top-pick remains Mowi.

Getting back on its feet

Q2'23e EBIT NOK -32m (Factset cons. NOK -35m). Back to harvest in H2; credible growth story ahead that remains undervalued by the market: BUY.