Norway Royal Salmon (Buy, TP: NOK225.00) - NTS fishing for shares
On 21 June 2021, NTS and close affiliates passed one third ownership in NRS and exceeded the 33% bid threshold with 34.57% of the shares in NRS. NTS initially announced its intention to sell down below 33% within four weeks, but has now decided to launch a bid for all shares at NOK209/share. The bid is below our fair value of NOK225/share. We have cut our 2021e EPS by 16.9% owing to ISA at Kråkeberget and trimmed our target price to NOK225 (230); however, we reiterate our BUY.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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