Salmones Camanchaca (Buy, TP: NOK68.00) - Algae blooms hit harvest guidance
Salmones Camanchaca cut its 2021 harvest guidance by 11kt (or 20–22%) following reports of algae blooms on 15 March, 31 March and 4 April that killed a total of 1.54m fish, and expects to incur a financial loss of ~USD8m net of insurance. We have cut our estimates accordingly and expect higher costs for the remaining harvest volumes in 2021. On a more positive note, the main reference price for Chilean salmon was USD1.9/kg higher than we expected in Q1, prompting us to raise our price assumption for the quarter. We reiterate our BUY and NOK68 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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