Salmon Evolution (Buy, TP: NOK9.90) - Farming EBITDA milestone
Positive Farming EBITDA in Q4 for Salmon Evolution was a milestone in the land-based sector. The company guides for a similar harvest volume QOQ in Q1 (800–1,100 tons; 1,104 tons in Q4) but is hoping for higher realised prices. The Asian venture seems to be dragging on, while more focus is now on US expansion. Management expects a final investment decision (FID) on phase-2 expansion in Norway in Q2. We reiterate our BUY and have raised our target price to NOK9.9 (9).
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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