Salmon Evolution (Buy, TP: NOK10.00) - Back on track
After the AGD challenges in May, Salmon Evolution’s biomass reached 1,628 tonnes on 15 August, up 55% since 30 June. Had it not been for a net NOK14.8m of one-off charges, the company would have reported farming EBITDA of NOK15/kg in Q2. Based on batch 5 performance, it reiterated its target of production costs on a par with conventional farming. We reiterate our BUY, but have trimmed our target price to NOK10/share (10.3) due to a higher production cost forecast.
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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