Salmon Evolution (Buy, TP: NOK11.00) - Moving ahead with Asian expansion
On 26 February, Salmon Evolution announced a joint venture with Dongwon Industries for a two-phase 20kt facility in South Korea, in which it will own 49%. The first harvest is indicated for mid-2025, later than we expected, but with very favourable financial terms, where Salmon Evolution can contribute its equity investment within its current financial structure. We reiterate our BUY and have lifted our target price to NOK11 (10).
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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