Salmones Camanchaca (Buy, TP: NOK68.00) - Taking steps to weather the storm
As expected, the Q2 results were weak, with operating EBIT of USD-9.4m (excluding Islotes one-off), slightly below our USD-8m forecast. The Islotes mortality event had a USD4.1m net negative effect versus our estimate of USD2.9m. There was also a cUSD3m loss from the coho operations. Management continues to see headwinds ahead, but believes the company should weather the storm with USD38m in available liquidity. We have cut our 2020e EPS by 63%, while our 2021–2022e are largely unchanged. We reiterate our BUY, but have trimmed our target price to NOK68 (70).
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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