Salmon Evolution (Buy, TP: NOK9.00) - Approaching steady state
We believe the Q3 EBITDA loss of NOK25m is of minor interest and focus should be on the doubling of biomass versus last quarter, harvest volume of 185 tonnes at 96% superior share, with low mortality, and steady state set to be reached early next year. The biological performance gap between traditional farmers in Q3 should increase the interest in alternative production methods such as Salmon Evolution’s hybrid system, in our view. We reiterate our BUY and NOK9 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.