SalMar (Hold, TP: NOK565.00) - Resource tax to be set at 25%
On 25 May, the Norwegian government announced it had secured 50.3% support in Parliament for a 25% resource tax, with the final bill set to be voted through on 31 May. We have adjusted our model to account for a 25% resource tax (35%), increasing our 2023–2025e EPS by 19.8–15.8%. We have also applied a 25% resource tax in our DCF valuation beyond our 2025 forecast period. We have downgraded to HOLD (BUY) due to the strong share-price performance on the news, but have increased our target price to NOK565 (500).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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