It seems to us that the tides are turning for Bakkafrost. After seven lean years, maybe it is time for seven fat? The company has confirmed that its large smolt strategy works. Faroese volumes have gone from 52,400t in 2023 to 97,000t in 2026e. In Scotland, the new Applecross smolt facility seems to be on the right track. Should Scottish volume guidance hold at 40,000t in 2028e, the margin profile changes drastically should fixed cost scale as well as company guides for. By 2028e we are 23% ahea ....
