SalMar (Hold, TP: NOK400.00) - Good Q3, soft harvest guidance
SalMar reported Q3 operating EBIT of NOK1,313m, c6% above our forecast but in line with consensus. The beat versus our forecast was driven by lower-than-expected losses in Sales and Processing, while the farming segment was in line. Management guided for slightly higher costs in Q4, in line with our forecast. Harvest volume guidance for 2022 was tweaked up by 5kt to 180kt, but for 2023 was at 280kt ‘all inclusive’ versus our estimate of 311kt based on previous guidance from NRS and NTS. We expect the stock to drop 0–3% today.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.