ABG Sundal Collier analyse - kjøp med kursmål 63


IFISH is currently trading at a ‘22e and ‘23e P/E of 28x and 9x vs. peers at ~17x. Although we expect relatively weak operational results over the next six months, the long-term case remains intact for patient investors. We see significant upside in Ice Fish Farm based on a blend of a DCF valuation (50%) and relative valuation methods (P/E 25% and EV/EBIT 25%), which yields a target price of NOK 63 (70).
TFolke
01.12.2021 kl 18:04 440

Er skuffet over de har måtte nedjustere de sidste 3 kvartaler, samt dårlig kommunikation, om årsag til dårlig vækst i søen. Kunne ikke få adgang til sidste q3 webcast via teams. Men ser stor opside ved evt. laxar fusion.
TFolke
01.12.2021 kl 18:09 433

Kontaktede CEO med 4 spørgsmål om q3 rapport, samt optaget version af webcast.

Hi Thomas,

I apologise that you were not able to access the web cast and thank you for letting us know.

- Webcast at Teams, was not held Yesterday at 14.00.

There was some trouble with the webcast, some did not get into the webcast.

-You are lowering Volumen guidens for 2021 to 4.900 tonn, Down from 5.200 tonn?

Yes, due to difficult growth in sea in Q3, we have been harvesting smaller fish and that brings total harvest down.

-It’s the 3 quarter in a row you are lowering volumen guidens.

This year has be difficult. We have now lowered our expectations on growth.

-Can you give some, information on mortalities and growth in the sea.

Growth in sea has been lower than expected, we have adjusted our growth going forward. Comparing conditions in sea this year to 2017-2020 then this year has been most challenging.