First Securities analyst Aslak Berge said he is startled by the market’s reaction.

“Your average investor evidently believes the company is a straight-out Chilean salmon production company,” he said.

Of all the salmon Cermaq sold in 2007, half come from Chile.

As with other fish producers in Chile, Cermaq has also encountered disease problems, but the company still delivers a very comfortable profit, Berge said.

The analyst said he was taken aback by what would appear to be the market’s disregard for the fact Cermaq will earn NOK 350 million (€43.32