Salmones Camanchaca (Buy, TP: NOK27.00) - Expecting a solid cost performance in Q3
We forecast Q3 operating EBIT of USD4.6m (no consensus), and an EBIT/kg of USD0.47 based on the 8.9kt (WFE) of Atlantic salmon sold (12.4kt harvested); the results are due 13 November. We expect management to reiterate the 2025 volume guidance of c55kt (WFE) of Atlantic salmon (c15% growth YOY) and 2–5kt (WFE) of coho. We have made limited estimate changes, and reiterate our BUY and NOK27 target price.
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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