Kalera AS (Hold, TP: NOK18.00) - Share count halved in merger
The merger (announced on 22 September 2021) between Kalera S.A. and Kalera AS has now been completed, with the 2-to-1 share exchange ratio meaning the new Kalera S.A. share count is approximately 105.72m as of 1 June 2022, versus 211.44m previously. We have adjusted our model to account for this, but made no changes to our underlying estimates. Reflecting the reduced share count, we have increased our target price to NOK18 (9) for purely technical reasons and hence we reiterate HOLD.
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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