The Kingfish Company (Hold, TP: NOK9.00) - Stable operations and new funding
The Kingfish Company reported H1 operating EBITDA of EUR-2.2m, versus our estimate of EUR-1.4m, due to higher than expected costs. The company has obtained a four-year EUR32m unsecured convertible loan, and thus has funding for phase 2, and guided for operating losses until its operations become FCF-positive from H2 2025. We have increased our production cost and interest cost estimates, but have reduced our outstanding share count assumption, as the new loan replaces the previously expected equity issue. We reiterate our HOLD but have cut our target price to NOK9 (11.1).
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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