Salmon Evolution (Buy, TP: NOK11.70) - Fish growth ahead of plan
The Q2 report revealed fish growth 20% above the company’s expectations, a small capex increase, a delay to phase-1 completion, and financials in line with our expectations. The company is fully funded for phase-1 in Indre Harøy and South Korea, while we believe the phase-2 start-up will be delayed until a firmer capex plan is in place. A test harvest of 2.3kg fish revealed good quality and taste. We reiterate our BUY and NOK11.7 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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