The Scottish Salmon Company (Hold, TP: NOK13.00) - Set for solid H1; HOLD on valuation
We have raised our 2018e EPS by 5% due to higher spot prices in Q2 than expected, with the effect heightened by the company’s operational leverage but partly offset by a high guided contract share (~55% in H1 2018). We reiterate our NOK13 target price but have downgraded the stock to HOLD (BUY) following the strong share price performance. The H1 results are due at 08:00 CET on 31 August.Scottish Salmon Company is engaged in the production and sale of Scottish salmon along with complementary investments in other Scottish seafood products. Co. conducts all its salmon farming, processing, and sales and marketing activities through its subsidiary, The Scottish Salmon Company Limited.
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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