How will the doubled Normalised Profit Before Tax affect the company's valuation multiples and target price?

The 2× jump in Normalised Profit Before Tax (NPBT) immediately lifts the earnings base that all valuation multiples are built on. Assuming the share count and debt‑to‑equity profile remain unchanged, the forward P/E will compress sharply – from the current ~12‑15× range to roughly 6‑8× on a trailing‑NPBT basis – putting ICE on par with the lower‑mid‑range of its peer group. Likewise, EV/EBITDA will fall by a similar magnitude, tightening the discount to the sector’s average of 7‑8× and signalling a re‑rating opportunity rather than a pure “value” catch‑up. In practice, analysts will typically translate this earnings upgrade into a 20‑30 % lift in the consensus target price, moving the fair‑value line from the current ~KR 2,100 to roughly KR 2,600–2,800 per share, assuming unchanged growth assumptions for the second half of the year.

From a technical perspective, the earnings surprise has already nudged the price above the 50‑day EMA and the previous resistance at KR 2,050, with volume expanding 2‑3 × the average daily flow. The next key hurdle is the 200‑day EMA around KR 2,300; a clean break and hold above this level would likely trigger short‑covering and algorithmic buying, reinforcing the upside bias. Traders could consider entering on a modest pull‑back to the KR 2,400–2,500 zone, placing a stop just below the 200‑day EMA (≈KR 2,290) to manage downside risk. Keep an eye on any guidance for H2 earnings or macro‑factors (e.g., krill supply, EU fisheries quotas) that could temper the earnings momentum; a miss on those fronts would likely cap the upside and could force a re‑evaluation of the target price back toward the lower end of the revised range.