SalMar (Hold, TP: NOK590.00) - Consensus too optimistic on Q1
We expect SalMar to report Q1 operational EBIT of NOK461m, c9% below consensus of NOK507m. The Q1 trading update led us to make only minor adjustments to volume estimates, and we believe the main difference between our estimates and consensus relates to lower realised prices in the Northern region. We reiterate our HOLD and NOK590 target price. The full Q1 report is due at 06:30 CET on 12 May.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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