Arctic: Pelican Aqua - Disruptive Newbuild Economics in Wellboats

Research evidence excerpt

Arctic: Pelican Aqua - Disruptive Newbuild Economics in Wellboats

Pelican Aqua Buy Hold

PEL | Seafood | Equity Company Update | 20 May 2026 | 15:30 Sell

Disruptive Newbuild Economics in Wellboats Financials and estimates changes Target $ 2.25

Pelican Aqua (“Pelican”) is a new wellboat company established by Mr. Gunnar Eliassen. Key Figures (USDm) Dec-26e Dec-27e Dec-28e Highlights

The company has ordered four new 5,000m3 wellboats with delivery in 2029 with a further Recommendation Buy

Revenue 0.0 0.0 0.0 Target Price $ 2.25

six (2+2+2) options with delivery during 2030. The company has ordered the vessels at CIMC

EBITDA (1.6) (3.2) (3.2) Share Price 1.50

Raffles in China, which is a different approach compared to other wellboat companies that EBIT (1.6) (3.2) (3.2) Upside (%) 50.0

build in European yards. Pelican has ordered the vessels at a newbuild cost of USD 64.5m EPS (0.04) (0.06) (0.05) Market cap (USDm) 63

per vessel compared to the going rate at European yards of around USD 100m. The vessels Adj. EBITDA (1.6) (3.2) (3.2) Enterprise Value (USDm) 56

will use a traditional established design from Salt Ship Design and fish-handling system Adj. EBITDA margin (%) -- -- -- Number of shares (USDm) 42

from MMC. When all four vessels are delivered we estimate an EBITDA generation of ~USD Adj. EPS (0.04) (0.06) (0.05)

12 months share price performance:

40m compared to invested capital of ~USD 270m (USD 260m for vessels and USD 10m for Revenue growth (%) -- -- --

other items). EPS growth (%) -- 65.8 (14.6)

Asset play in the aquaculture vessel industry DPS 0.00 0.00 0.00

First and foremost, the investment appeal is that there are only ~15 wellboats in the orderbook Dividend yield (%) 0.0 0.0 0.0

with delivery 2026-2029 prior to Pelican Aqua order.