Salmones Camanchaca (Hold, TP: NOK35.00) - Soft Q3 and volume guidance cut
Q3 operating EBIT of USD-1.9m was USD10m–13m below our estimate and consensus, driven by USD4.1m in one-offs and lower-than-expected realised prices. The 2023 volume guidance was cut by 2kt (1kt Atlantic salmon, 1kt coho) to 54–58kt (all species) and the 2024 guidance by 3–4kt Atlantic salmon and 3–4kt coho to 53–58kt (all species). To reflect the revised guidance and our reduced realised price estimates, we have cut our estimates significantly. We have downgraded to HOLD (BUY) and lowered our target price to NOK35 (40).
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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