SalMar (Buy, TP: NOK650.00) - Set for a decent quarter
We expect a solid Q3, with operating EBIT of NOK769m, on what we view as continued solid operations with good cost control. We are 22% below consensus of NOK991m, but as some old figures are still included, we expect consensus to come down in the coming weeks. We have cut our 2021e EPS by 6.6% on lower Q3 spot prices than we expected, but have made only minor changes to our 2022–2023 forecasts. 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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