Arctic Securities has resumed coverage of land-based salmon producer Salmon Evolution with a Buy recommendation and a target price of NOK 6.50 (€0.59) per share, implying around 61% upside from the current share price of NOK 4.03 (€0.37).
The investment bank said recent financing has secured phase two infrastructure and expects the company to reach full run-rate production in 2028.
Arctic estimates Salmon Evolution will have approximately NOK 417 million (€38 million) in available liquidity at the end of 2026, compared with around NOK 300 million (€27.3 million) in remaining capital expenditure requirements for pre-grow-out tanks in 2027.
The bank also highlighted operational improvements at the company’s Indre Harøy facility, including a new feed formula and technical modifications that are expected to support higher harvest weights and improved feed conversion ratios in the second half of 2026.
Arctic has reduced its salmon price assumptions following the strengthening of the Norwegian krone, forecasting average prices of NOK 81.7/kg (€7.43/kg) in 2027 and NOK 86.6/kg (€7.88/kg) in 2028.
The bank forecasts EBITDA of NOK 223 million (€20.3 million) in 2027 and NOK 540 million (€49.1 million) in 2028.