Salmon Evolution (Buy, TP: NOK11.40) - Indre Harøy on time and on budget
Salmon Evolution reported a Q3 EBIT loss of NOK4.7m, versus our forecast and consensus of an NOK8m loss. Construction of phase 1 of Indre Harøy is progressing according to plan and on budget, with first fish expected in Q1 2022. In a post-Q3 event, Cargill came on board as a strategic partner via a USD5m private placement, further strengthening the case financially and operationally. We have made minor positive revisions to our estimates as earnings from Kraft Laks are now included. We 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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