Report
Alexander Aukner
EUR 94.50 For Business Accounts Only

SalMar (Buy, TP: NOK690.00) - Back-end-loaded 2025e

SalMar had a stronger finish to the year than we (and consensus) expected, but guided for a back-end-loaded harvest for 2025. Encouragingly, biological performance in the sea looks promising for 2025e. We have cut our 2025e EPS by 7.5% on the back-end-loaded harvest, but increased our 2026–2027e on the higher expected realised prices due to a lower discount on downgrades. We reiterate our BUY and NOK690 target price.
Underlying
SalMar ASA

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)

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Alexander Aukner

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