Salmones Camanchaca (Buy, TP: NOK68.00) - Navigating the depths
Salmones Camanchaca reported Q4 operating EBIT of USD-13m, well below our and consensus’ already soft expectations (USD-4.1m and USD-1.7m, respectively), driven by lower sales volumes and higher costs due to mortality. Harvest guidance for 2021 was 50–54kt, in line with previous guidance. We have cut our 2021–2022e EPS by 26–20% on higher costs, but reiterate our BUY and NOK68 price target. We are still confident the company will navigate the depths, and ultimately benefit from the poor Chilean supply outlook in H2e.
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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