Salmon Evolution (Buy, TP: NOK11.70) - Progressing as planned
Salmon Evolution reported a Q1 EBITDA loss of NOK10m versus our forecast of a NOK20m loss and consensus of a NOK12m loss. The deviation was driven by higher external sale of smolt and capitalisation of G&A than expected. The company remains on track to deliver a phase-1 on budget and on time. It stated that the first batch released in March performed well with feeding above budget during May. We have made small adjustments to our estimates, and 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.