SalMar (Hold, TP: NOK690.00) - Q1 trading update
SalMar released its Q1 trading update on 10 April, revealing higher harvest volumes than we expected in the Central region, but lower in the North. The company also reiterated that it had been negatively affected by string jellyfish in the Northern region in Q1, hurting superior share and harvest weights more than we had previously expected. We have cut our Q1 estimates by 11% following the trading update and expect operating EBIT of NOK1,609m, 13% below consensus. The full report is due at 06:30 CET on 14 May. We reiterate our HOLD and NOK690 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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