SalMar (Sell, TP: NOK320.00) - Marginally below expectations
SalMar reported Q2 operating EBIT of NOK879m, some 5–6% shy of consensus and our expectations, driven by a lower realised salmon price and unfortunate harvest timing for the Central region. The company said that volumes from Ocean Farm 1 are ready for harvest in H2 2018 and that there are more projects are on the horizon. We have tweaked our EPS estimates down ~2%, and maintain our NOK320 target price and SELL recommendation.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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