Norway Royal Salmon (Buy, TP: NOK168.00) - Bad news discounted
Norway Royal Salmon shares have dropped 35% since their peak and 18% in the last three months as sentiment has deteriorated. We have been cautious to become more positive despite underlying valuation support as consensus estimates have seemed too optimistic, but that worry is less prevalent now. Thus we have upgraded to BUY (HOLD) and trimmed our target price to NOK168 (170) to reflect lower short-term earnings due to ISA outbreak in Q4 2017. Q4 results are due at 06:30 CET on 13 February.Norway Royal Salmon has developed from a sales and marketing company for farmed salmon into an integrated seafood company. Co. is a fish farming company with activities in two main segments: fish farming and sales. The fish farming business includes salmon farming and harvesting activities. The fish farming business is divided into two regions: Region North, which consists of the fish farming business in Senja and West Finnmark; and Region South, which consists of the fish farming business in the area around Haugesund. The sales segment includes the purchase and sale of salmon, as well as Co.'s chain management activities.
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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