Salmones Camanchaca (Buy, TP: NOK60.00) - Strong performance in Q3
Salmones Camanchaca reported Q3 operating EBIT of USD21m, 20% above our estimate and 21% above consensus, driven by higher realised prices, while costs were in line with our estimate. Atlantic salmon harvest volumes were pre-announced at 14.3kt WFE, indicating an EBIT/kg WFE margin of USD1.78. The company reiterated its harvest guidance for 2022 and indicated 45–47kt Atlantic salmon and 10kt coho for 2023. 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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