Kalera AS (Hold, TP: NOK9.00) - NASDAQ listing progressing
The Q1 report revealed that short-term funding has been secured until the SPAC deal with Agrico is completed (end-June). Kalera announced a strategic partnership with US Foods for 50% of its US capacity (USD100m+ over the next five years). We reiterate our HOLD and NOK9 target price, but highlight uncertainty as to available funds in the SPAC post-merger, which may affect the proportion of the merged company belonging to Kalera shareholders and capital for factory expansion.
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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