Salmones Camanchaca (Buy, TP: NOK56.00) - Messy report, but ok underlying
Salmones Camanchaca reported operational EBIT of USD13.2m, 16% below our estimate driven by lack of contribution from trout operations. Management guides for harvest volume of 45kt–48kt (wfe) for 2018 and indicates over 50kt for 2019. We have cut our 2018e EPS by 3.5% to reflect lower volume following some lost feeding related to algae, but maintain our BUY recommendation and NOK56 target price.
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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