SalMar (Hold, TP: NOK290.00) - Fully valued
SalMar delivered a very strong Q4 report, but the recent share price move more than reflects it in our view. We have raised our target price to NOK290 (260) but have downgraded to HOLD (BUY) after a ~30% rally since 5 February. On our estimates, the shares are now trading at 13.4x 2018e P/E, which we consider fair. We have lifted 2018e DPS to NOK15 (NOK12) after strong cash flow guidance and NOK19 DPS announced for 2017.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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