Salmon Evolution (Buy, TP: NOK9.90) - Stabilising production
Q2 farming EBITDA/kg was NOK41, marking another profitable quarter for this land-based farmer. Harvest guidance for H2 was a bit softer due to the culling of smolt in May, but our main takeaway is that the factory at Indre Harøya is performing well, and we expect further improvements ahead. Land based is not easy, but these minor issues are far removed from the firefighting peers have had to deal with during the ramp-up phase. 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.