Salmon Evolution (Buy, TP: NOK9.90) - First profitable land-based farmer
Salmon Evolution reported Q1 group EBITDA of NOK24m and EBIT of NOK6m, making it the first land-based name to report black numbers. A potential refinancing of phase-1, lower-than-expected payable tax and steady-state EBIT cost guidance of NOK53–57/kg were positive surprises in the report. A final investment decision for phase-2 is expected in Q2, as well as a clarification on other expansion plans. We reiterate our BUY and NOK9.9 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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