Salmones Camanchaca (Buy, TP: NOK65.00) - Weak Q1, but good outlook
Salmones Camanchaca reported operating EBIT of USD-0.4m, USD15m below our estimate and USD17m below consensus. Biological challenges with negative effects on costs and harvest weights, as well as weaker than expected achieved prices, were the main reasons for the deviation. Harvest volumes are set to increase, and biological performance and costs should normalise, we believe. We reiterate our BUY and target price of NOK65.
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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