The Kingfish Company (Buy, TP: NOK34.00) - Steady operating performance
The Kingfish Company continued its steady operating performance in H1. At the same time, a new production record was set in the Netherlands (496kt in H1, up 53% YOY) as it increases capacity. The expansion in the EU and US is on track, but due to Covid-19-related market conditions, the company guides for a 4% increase in total capex for Phase 2 of the EU expansion. We have raised our sales estimates on higher-than-expected realised prices, as well as higher costs on the H1 run rate. We reiterate our BUY and NOK34 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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