Salmon Evolution (Buy, TP: NOK9.90) - Platform for growth
In connection with the announced upscale of phase-2 to 18kt, Salmon Evolution raised NOK365m in new equity and NOK675m in additional debt. This should enable a 10.1kt phase-2 buildout, and we estimate a NOK490m buffer. At 18kt, it guides for cash flow to support NOK1bn–2bn in investment capacity per annum, suggesting a potential 4–8kt of harvest growth. 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.
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.