Norway Royal Salmon (Buy, TP: NOK230.00) - Triploid in the spotlight
Our Q1e operating EBIT of NOK82m is 2% above consensus, and we expect focus in the report to be on the recent news on the phasing out of sterile (triploid) fish (which represent a significant share of Norway Royal Salmon’s volumes), after research found they were more susceptible to certain viral and bacterial diseases. Conversion to regular salmon should reduce the biological risk for the company. We reiterate our BUY and NOK230 target price. The full report is due at 06:30 CET on 11 May.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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