Norway Royal Salmon (Hold, TP: NOK235.00) - Minor model adjustment
Following the trading update released on 8 July, we have made minor adjustments to our volume distribution throughout the year and lowered our 2020e EPS by 0.4%. We do not consider these changes to be material, and have not changed our HOLD recommendation. We reiterate our NOK235 target price. The full Q2 report is due at 06:30 CET on 25 August. We expect operating EBIT of NOK68m, c22% above consensus at NOK56m due to 21% higher volumes announced in the trading update.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.