SalMar (Buy, TP: NOK690.00) - Raising long-term ambitions
SalMar’s Q3 report was a mixed bag, with a material cut to the 2024 harvest guidance, 2025 Norwegian harvest guidance in line with consensus, and a new 2028 long-term target of 370kt. The company also raised potential cost synergies by NOK1.25bn between 2024 and 2029, on top of NOK844m already realised. We have cut our 2024–2026e operating EBIT by 5–14%. Our 2025e EPS is 3% below consensus, while 2026e is 8% above. We reiterate our BUY and NOK690 target price.SalMar is a producer of Atlantic salmon and is integrated from roe and smolt to products and sales. Co. has farming operations in Central and Northern Norway, as well as in Scotland. Co. has operating licences for marinephase fish farms and hatcheries in central Norway and Troms County. Co. has 66 licences for production of farmed Atlantic salmon in Norway: 53 in central Norway (More & Romsdal, South and North Trondelag) and 13 in northern Norway (Troms)
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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