Salmones Camanchaca (Hold, TP: CLP2350.00) - Solid cost performance in Q3
Q3 operating EBIT of USD3.5m was broadly in line with our USD4.6m estimate, with the deviation explained by a weaker coho result than expected. The company raised its 2024 Atlantic salmon volume guidance by 1kt to 47kt–49kt (55kt in 2025), with 4kt–5kt of coho kept unchanged. Costs were solid in Q3, and the company guided for a continued improvement in Q4, led by better sanitary conditions and declining feed costs. We now use the Chilean share price following the Oslo de-listing and set our target price at CLP2,350; however, with limited upside potential, we have downgraded to HOLD (BUY).
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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