SalMar fortune climbs €690Mn in 90 days

Aslak Berge

On Monday, Jan. 29th, 2018, SalMar shares were trading at NOK 205 (EUR 21.46) on the Oslo Stock Exchange after a two-month fall in-line with plunging salmon prices.

Then it turned — with explosive effect.

The month-and-a-half that followed has seen the share climb nearly vertically during a period in which the Oslo Exchange underwent a correction.

After lunch on Monday, SalMar stock was trading at NOK 313.80. That’s a market value of EUR 3.7 billion for the Norwegian company. SalMar has never been worth more.

The climb was worth a hefty 53 percent in just 90 days.

SOURCE: Pareto Securities

ABG Sundal Collier downgraded its recommendation on the SalMar share to “hold” from “buy”, Reuters reported last Monday. Pareto Securities, which has a buy recommendation on SalMar, has seen the stock price race past the brokerage’s price target of NOK 280.

In mid-February, SalMar reported pre-tax profit of EUR 74 million and promised its shareholders a dividend of EUR 230.3 million. The founding Witzoe family will see most of that, especially its young heir, Gustav Magnar Witzoe.

Through the holding companies Kvarv and Kverva, Gustav Magnar Witzoe owns 60.5 million shares worth 53.4 percent of SalMar. Today, that post is worth EUR 2 billion.

SalmonBusiness tried without result to secure an interview with Gustav Magnar Witzoe.


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