Goldman Sachs Backs SalMar ASA with Buy Rating and NOK 700 Target
SalMar ASA has received coverage from Goldman Sachs, which initiated a Buy rating and set a price target of NOK 700. This represents a 20.17% increase over the current Oslo Bors quote of NOK 582.50.
The company's operating story strengthened in the second quarter of 2026, with harvested tons increasing to 81,800 and operational EBIT reaching NOK 1.237 billion. Total harvest guidance was also raised by 20,000 tons to 350,000 tons, representing a 16% growth from 2025.
SalMar's management attributed the higher harvest outlook to biological performance and lower production costs. Mortality rates were 40% lower and growth was 33% higher than the 10-year average in the first seven months of 2026.
The company's leverage ratio improved to 2.6 times, with net interest-bearing debt declining by NOK 1.1 billion to NOK 19.1 billion in the second quarter. The next earnings report is scheduled for November 3, 2026, which will test whether the lower-cost trend and stronger harvest volumes are translating into earnings.