Salmones Camanchaca (Hold, TP: NOK30.00) - Neutral end to soft 2023
Q4 operating EBIT was USD-4.2m, USD0.9m above consensus but USD0.9m below our estimate. The deviation was driven by provisions on inventory of coho as the realised price on Atlantic salmon beat our estimates, while all-in cost was in broadly in line. We have cut our 2024–2025e EPS by 6.9–5.2% on adjustments to our harvest and sales profiles, and tweaks to our estimated realised prices for both species. We reiterate our HOLD, but have lowered our target price to NOK30 (35).
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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