Salmones Camanchaca (Hold, TP: CLP2800.00) - Strong Q4 and volume targets
Q4 operating EBIT of USD15.1m was 6% above our estimate (no consensus available). The beat was driven by 4.2kt (32%) higher volume of Atlantic salmon sold than we expected, offset by a lower EBIT/kg margin (USD0.90/kg; our estimate USD1.22/kg), as realised price was below our expectations, while costs were broadly in line. The 2025 volume guidance was for 54–56kt of Atlantic salmon and 2–3kt of coho, while 2026 was for a solid 60–65kt of Atlantic salmon and c3kt of coho. We reiterate our HOLD, but have raised our target price to CLP2,800 (2,550) on increased 2026–2027e EPS.
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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