SalMar (Hold, TP: NOK690.00) - Time for a break
SalMar has surpassed our previous target price, and we see few short-term catalysts ahead. We are 8% below consensus on Q1e EBIT on lower expected prices following a higher-than-expected share of downgrades in the quarter as well as higher costs from low volumes. We have cut our 2024–2025e EPS by 10.3–5.8% on lower expected realised prices. We have downgraded to HOLD and trimmed our target price to NOK690 (700). The Q1 results are due at 06:30 CET on 14 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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