The Kingfish Company (Hold, TP: NOK5.80) - Sales growth continues, still with negative cash flow
The Kingfish Company H1 sales volume showed good momentum, up 25% YOY and 36% in Q2 YOY; however, EBITDA and cash flow remained negative. A doubling of the sales force is expected to keep up sales momentum into H2, but should weigh on the margin short-term. The US appeals court upheld permits for the construction of a farm in Jonesport, Maine. We reiterate our HOLD but have cut our target price to NOK5.8 (9).
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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