SalMar (Hold, TP: NOK540.00) - Stellar Q3
Very strong Q3 operating EBIT of NOK2,300m was 51% above our forecast and 36% above consensus. Farming reported a big beat, driven by lower costs and higher realised prices, but Sales & Processing also came in 89% above consensus. SalMar guided for stable costs and volumes QOQ in Q4. The 2023 harvest guidance was unchanged, while 2024 was for 279kt, 3% below the 287kt consensus expected. We expect consensus 2023e EPS to come up by 10%, while 2024e will depend on the cost guidance, and we expect the stock to come up 4–8% 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.