SalMar (Buy, TP: NOK650.00) - SalMar to launch NOK120/share bid for NTS ASA
On 14 February, SalMar announced its intention to launch a voluntary bid for NTS ASA (NTS) consisting of 80% in shares and 20% in cash, equivalent to NOK120/share. SalMar has received acceptance and support from 50.1% of NTS shareholders. On the same day, Mowi announced that it will not execute its previously announced voluntary offer of NOK110/share. We see SalMar and NTS as a good match and do not expect other bids to materialise.SalMar is a producer of Atlantic salmon and is integrated from roe and smolt to products and sales. Co. has farming operations in Central and Northern Norway, as well as in Scotland. Co. has operating licences for marinephase fish farms and hatcheries in central Norway and Troms County. Co. has 66 licences for production of farmed Atlantic salmon in Norway: 53 in central Norway (More & Romsdal, South and North Trondelag) and 13 in northern Norway (Troms)
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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