Atlantic Sapphire (Buy, TP: NOK150.00) - Building a giant
The company has raised USD90m in a private placement (8 May 2019) to fund its revised US ramp-up plan, targeting a harvest of 220kt by 2031. Operational risk remains, although the capital raise has reduced financial risk. We have applied a 40% probability of success, but have raised our target price to NOK150 (126) following the revised ramp-up plan. BUY recommendation reiterated.
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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