The Kingfish Company (Hold, TP: NOK12.40) - New money and a new CEO
The Kingfish Company raised ~EUR35m in a private placement and subsequent offering to complete phase 2 of its Netherlands expansion. It also announced Vincent Erenst would become CEO on 6 February. We have updated our estimates following the capital raise and revised growth ambitions. We reinstate a recommendation with a HOLD, and a NOK12.4 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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