The Kingfish Company (Hold, TP: NOK9.00) - Higher sales and lower capex
The Kingfish Company reported 2023 results on 11 April. The majority of Phase 2 capex has now been booked and sales are starting to materialise, paving the way for lower unit costs. Balancing supply/demand as phase-2 growth comes on-stream remains tricky short- to medium-term, triggering a strengthening of the sales force. We have made minor changes to our estimates and reiterate our HOLD and NOK9 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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