We initiate coverage on Salmon Evolution, which balances operational risk and cost through its HFS system, with a Buy rating and a NOK 12 TP. The company has harvested valuable experience from Indre Harøy, with supportive KPIs, and is currently expanding in Norway and abroad. Upcoming triggers are continued supportive biological performance, steady-state harvest late Q3/23, new licences and an updated timeline/CapEx plan for its current expansions.