Salmones Camanchaca (Buy, TP: NOK27.00) - Soft underlying Q2 results
Headline Q2 operating EBIT was USD9.5m, broadly in line with our estimate (+USD1.6m) and consensus (-USD3.1m). However, boosted by positive one-offs of USD8.9m, the underlying Q2 results were well below our forecast and consensus, mainly on lower realised prices. The company harvested 11.6kt and sold 11kt of Atlantic salmon in Q2, with an ex-cage cost of USD4.99/kg wfe. The 2024 volume guidance for 46–48kt wfe of Atlantic salmon and 4–5kt of coho was unchanged. We 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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