Salmones Camanchaca (Buy, TP: NOK60.00) - Q2 below, but still good outlook
Salmones Camanchaca reported Q2 operational EBIT of USD21.2m, USD10.3m below our estimate of USD31.5m (no consensus available). Although reporting a recovery from a weak Q1, the miss was mainly attributable to lower than expected realised prices and higher costs. Nevertheless, harvest guidance of 45–47kt of Atlantic Salmon was reiterated as well as supportive comments for a further normalisation of biological performance and realised prices for Q3. We reiterate our BUY but have cut our target price to NOK60 (65) on our revised estimates.
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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