SalMar (Buy, TP: NOK565.00) - 17% below Q2e consensus on operating EBIT
Following SalMar’s trading update on 10 July, we have tweaked our forecasts on lower harvest volumes (44.3kt reported) than we expected (47kt) (full Q2 results due at 06:30 CET on 24 August). We have also edged up the share of salmon downgrades and the ISA-infected fish harvest in the Central region. We forecast operating EBIT of NOK1,628m, 17% below Visible Alpha consensus of NOK1,968m (ranges from NOK1,101m to NOK3,243m). We have cut our 2023e EPS by 4.8%, while our 2024–2025e EPS are unchanged.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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