Salmones Camanchaca (Buy, TP: NOK68.00) - Strong prices to offset soft Q2e
We forecast a Q2 operating EBIT loss of USD-0.6m, somewhat below consensus of USD0.9m (results are due at 23:00 CET on 18 August). Record-high prices in the US should have mitigated some of the effects from a relatively soft quarter, which saw high costs and low volumes. Due to the high prices, we have raised our 2021 EPS forecast by 3.8%, while our 2022–2023 EPS forecasts are unchanged. We reiterate our BUY and target price of NOK68.
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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