Salmones Camanchaca (Buy, TP: NOK68.00) - Tough times
Salmones Camanchaca reported another weak quarter, with Q1 operational EBIT of USD-11m, significantly below our forecast of USD-6m and consensus of USD-1m. The main deviation was due to algae-bloom-related costs (USD12m versus our estimate of USD8m). As the company guided for continued high costs short-term, we have cut our 2021–2022e EPS by c46–6%. Harvest guidance for 2021 was unchanged, which implies the company should be able to capitalise on the expected price recovery. We reiterate our BUY and NOK68 target price, but expect the share price 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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