Salmon Evolution (Buy, TP: NOK9.90) - Strong KPIs for land-based
Q3 Farming EBITDA was positive on another quarter with strong realised prices and a high superior share. Despite lower than expected 2025e volumes, strong biological KPIs and healthy biomass growth showcased stable operations, leaving us confident in the company’s long-term outlook. With small revisions to our phase-2 capex and volume estimates, 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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