Salmon Evolution (Buy, TP: NOK12.10) - Amoeba issues
In late April, the company announced increased mortality in certain batches. The mortality is now back to normal and mitigating steps have been taken. We suspect a similar event could recur, but with a different level of preparedness to handle the problem. The Q1 report was otherwise neutral with no changes to our base case. We have cut our 2024–2025e EBIT by 5-8%, but with a lower dilution from the recent equity issue, we reinstate a recommendation with a BUY and NOK12.1 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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