Salmones Camanchaca (Buy, TP: NOK65.00) - Another solid quarter
Salmones Camanchaca reported Q4 operating EBIT of USD18.1m, USD5.1m–5.6m above our estimate and consensus. The beat versus our estimate was mainly driven by lower farming costs than we expected. Atlantic salmon harvest volumes were pre-announced at 9.6kt wfe, resulting in an EBIT/kg wfe margin of USD1.47, while the coho harvest was 3.4kt wfe with an EBIT/kg wfe margin of USD0.31. The company reiterated its 2023 guidance of 44kt–46kt Atlantic salmon and 10kt–12kt coho. We reiterate our BUY and NOK65 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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