Salmon Evolution (Buy, TP: NOK9.90) - Production progressing as planned
Following our site visit to the production facility in Indre Harøya on 20 March, we are reassured production is on track. The company is the largest land-based salmon farmer in Norway, with 2,200 tonnes of live weight standing biomass and accumulated harvest of 2,214 tonnes (HOG) in Q4 2023. Invested equity (IE) of NOK2.26bn means the stock is trading at 1.2x IE, below the peer group, which we find unjustified. 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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