The Kingfish Company (Hold, TP: NOK11.10) - Realised price continuing to rise
The Kingfish Company reported full-year 2022 numbers and a Q1 2023 update on 20 April, revealing continued good operational performance and a record-high realised price of EUR15.1/kg, significantly above our EUR12/kg estimate. Capex for phase-2 was revised up to EUR95m (EUR87m), with first sales and steady state delayed by about six months versus our estimates. The company reported that it may breach covenants in Q3 and is looking at financing options, including raising equity. We reiterate our HOLD but have lowered our target price to NOK11.1 (12.4).
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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