Salmones Camanchaca (Buy, TP: NOK65.00) - Below consensus on Q4e EBIT
We expect Q4 operating EBIT of USD12.5m, from a pre-announced 9.7kt harvest of Atlantic salmon, corresponding to an EBIT/kg margin of USD1.29 WFE (the results are due at 21:00 CET on 22 February). We believe management’s outlook with the Q3 results for a continued normalisation of the biological performance and expectations of achieving a price premium suggest a good quarterly performance, and we have increased our Q4 EBIT estimates by USD7m correspondingly, although our Q4e EBIT is still 7% below consensus. 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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