Atlantic Sapphire (No_rec, TP: NOK) - Recommendation and target price withdrawn
As previously warned, the temperature issues in H2 2023 caused some fish to be sold at reduced prices, eroding the liquidity runway. With the new USD35m equity raise, cash at hand and undrawn debt, the company has USD90m available to reach a steady state, which it targets reaching in H2 2024. As DNB Markets acted as Joint Bookrunner in the recent private placement and will act as Manager in a contemplated subsequent offering of shares in Atlantic Sapphire ASA, we have withdrawn our target price and recommendation.Atlantic Sapphire AS. Atlantic Sapphire AS is a Norway-based company, which farms Atlantic salmon in land-based recirculating systems in Denmark and the United States. The Company uses the production technology Bluehouse, which comprises the entire production cycle - from an egg hatchery to harvested fish ready for truck pick-up. Also, the Bluehouse implies production free of antibiotics, hormones, pesticides, metals and synthetic pigment. The product portfolio includes whole fish, as well as a range of fillets and cuts. The customers comprise primarily restaurants and retail stores on the Unites States market. Also, the Company exports products to such markets as Canada, Chile and Europe.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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