We re-initiate on Salmon Evolution following our restricted period on the stock with a new target price of NOK 6.5/sh. At our new TP the company is trading at EV/EBIT 12x at full run-rate phase 2. The company should hit full run-rate production during 2028. Post the capital raise Salmon Evolution has plenty of liquidity available for finishing phase 2 and later the pre-grow-out tanks. We estimate that the company has available liquidity of about NOK 417m by the end of 2026e with about NOK 300m r ....
