Earlier this week, Nordea Markets analysts Herman Aleksander Dahl and Jørgen Bruaset presented an analysis of SalMar and Aker’s offshore farming joint venture SalMar Aker Ocean. In the analysis, the brokerage operates with a “base case” valuation of Aker Ocean of NOK 5.9 billion (€582 million), while the bull scenario indicates a value of NOK 12.7 billion (€1.2 billion).
According to Finansavisen, several other brokerage houses have previously valued the investment at between NOK 3 billion (€300 million) and NOK 9 billion (€900 million). Nordea Markets increases the SalMar price target from NOK 630 to NOK 650, while maintaining the buy recommendation. The investment bank assigns a value of NOK 35 per share to SalMar Aker Ocean.
Nordea Markets includes three units of “Ocean Farm” and two units of “Smart Fish Farm” in its “base case scenario”. The average capex (investments) is set at NOK 160 (€15.79) per kilo, which includes a licensing cost of NOK 50 (€4.90) per kilo.
“We envisage an increase in volume from the current capacity of 7,500 tonnes to 70,000 tonnes by 2030. On the cost side, we estimate a production cost of NOK 35 per tonne. kilos,” it is stated in the analysis of Nordea Markets.
Analysts also envisage a spin-off and separate listing of SalMar Aker Ocean.