We have lowered our 2021 estimates by 6% (minor 2022 changes), on the back of new price assumptions for H1 and the outlook for stable costs. We were pleased to see lower costs for ISLAX, in our view de-risking the investment case on a stand-alone basis. SalMar once again reported best in class EBIT/kg margins, justifying its premium valuation. We stick to Hold and raise our TP to NOK 580 (525) as estimates are holding up and expect strong operational performance.
