SalMar (Hold, TP: NOK630.00) - Q4e hurt by jellyfish attacks
On 21 December, SalMar released a statement cutting its guided harvest volumes by 5kt for Q4 due to an early harvest and the destruction of fish related to jellyfish attacks. Lower weights, an early harvest in the quarter Q4 and NOK3–4/kg higher costs owing to the attacks have led us to reduce Q4 estimates. We forecast Q4 operating EBIT of NOK1,757m, c24% below consensus of NOK2,323m. We reiterate our HOLD and NOK630 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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