The Scottish Salmon Company (Hold, TP: NOK25.00) - Higher volumes in Q2
Q2 operational EBIT was a solid GBP16m (we forecast and GBP10.5m, consensus GBP14.1m). The strategic process is ongoing but the company expects it to be concluded by end-September. We believe an outright bid for the company to be the most likely outcome, as non-binding interest to purchase has already been communicated by the company. We have raised our 2019e EPS by 14.4%, but our 2020–2021e EPS are largely unchanged. We reiterate our HOLD and NOK25 target price.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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