Salmones Camanchaca (Buy, TP: NOK60.00) - In line with consensus for Q3e
We expect Q3 operational EBIT of USD17.5m, in line with consensus of USD17.4m. The pre-announced harvest volume of 14.3kt of Atlantic salmon gives a Q3e EBIT/kg margin of USD1.16 WFE. We believe management’s outlook for a further normalisation of the biological performance and higher prices for value-added products in H2 suggests a decent quarterly performance. The Q3 report is due at 21:00 CET on 16 November. We reiterate our BUY and NOK60 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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