SalMar (Hold, TP: NOK630.00) - Solid Q3 beat
Q3 operating EBIT was NOK2.3bn, c51–36% above our estimate and consensus, driven by higher realised prices. The Q4 harvest and cost guidance was also supportive, while the 2024 guidance was marginally on the soft side, driven by Iceland and the UK. We estimate higher realised prices and lower costs, and have materially increased our 2024–2025e EPS by 4.3–12.9%. We have raised our target price to NOK630 (540) and reiterate our HOLD after the strong share price rally.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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