Salmon Evolution (Buy, TP: NOK11.40) - Construction on time and on budget
The Q1 results provided some reassurance that phase 1 of the construction of Indre Harøy is on time and on budget. Q1 capex was above our estimate and previous guidance, but not a concern. The report also provided more details on the initial equity investment in the K Smart JV with Dongwon Industries in South Korea. Following the results, we have tweaked our estimates, and reiterate our BUY and NOK11.4 target price.
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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