Kalera AS (Buy, TP: NOK23.00) - Crunch time
Kalera reported a Q3 EBIT loss of NOK10.6m, above our estimate and consensus of USD8.5m–5.6m. The unclear guidance on Q3 production versus sales provided in connection with the 8 October private placement, and the removal of start-up dates for the Denver, Seattle, Honolulu, and Singapore plants, created uncertainty. We have cut our 2021–2022e sales by 30.7–17.4% and our target price to NOK23 (31). We reiterate our BUY following the sell-off. We believe the market needs more clarity on underlying KPIs to regain confidence in the ramp-up plan.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.