SalMar (Buy, TP: NOK650.00) - Another strong quarter
SalMar reported operating EBIT of NOK748m, 3% below our estimate, but 19% below a very optimistic consensus. Farming Norway reported EBIT of NOK17.5/kg, which we consider strong. Costs were guided to remain similar in Q4, while the 2021 harvest guidance was raised by 6kt in Norway, but reduced by 2kt in Iceland and by 3kt in the UK. We have made minor changes to our 2021–2023e EPS, and we reiterate our BUY and NOK650 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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