SalMar (Hold, TP: NOK640.00) - Intends to launch bid for Norway Royal Salmon
SalMar today announced its intention to launch an offer of NOK270/share for Norway Royal Salmon. The two companies have substantial synergy potential, with operations within offshore, Iceland and in the Northern region. We consider the industrial logic to be sound, and based on 100% debt financing, We estimate such a deal would be EPS accretive even without synergies (of which we believe there will quite a bit). The combined company would have harvest capacity of +350kt in Norway, Iceland, UK before any offshore venture.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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