Salmones Camanchaca (Buy, TP: NOK68.00) - Feeling the market pain
Salmones Camanchaca reported a Q3 operational EBIT loss of USD7.6m in Q3, driven by lower prices. The cost position and biological performance in the quarter was good. Harvest guidance for 2020 of 53kt is the upper end of guidance and 2021 guidance of 55–57kt was also marginally above expectations. We have made only minor changes to EPS. We reiterate our BUY and NOK68 target price, but expect the stock to remain under pressure until spot prices increase.
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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