Norwegian Valuations / Pricing, page-24

Sorry missed this. My understanding is company guide to $9 to $9.5 direct costs in 2023 and then you have $2.5 to $2.75 of indirect costs. To make guidance for June 2022 of direct costs if $12 to $12.75 then that impose H2 2022 costs of $9 to $10. For 2023 feed costs may limit progress in direct cost reduction per kg but indirect costs per kg should reduce as production scales. I estimate $4 ebit per kg is achievable in next 24 months. Key is better working capital via new sales channels. Fresh / Frozen. Wholesale and Retail. Not sure the market understands this at all. Huge driver of free cash flow. To scale the business does require capex. The reason for the raise. We had much better prices (and if we get feed cost rises then surely we model further price rises particularly as salmon prices are so strong - the model is very geared to top line prices) and free cash flow since the raise than its 150% able to self finance expansion. Time in water and Summer / Winter water temperatures which drive firm texture of fish mean scale up becomes apparent 2024 onward. Company presentations seem to now be talking more openly about growth to 10m kg. I think Hosfeth far more ambitious than that. I note from Bloomberg that Norwegian broker initiated with a buy and a price target with a 100% premium to the stock price. Norwegian names keep making new highs. This makes new lows. am long and wrong but I think this is super vulnerable to a bid down here.....How do I direct message you on here? love to chat more off line?