Salmones Camanchaca (Buy, TP: NOK65.00) - On track for growth
Q1 operational EBIT of USD15.9m was 11% below our estimate and 4% below consensus due to lower sold volumes, while margins were in line with our expectations. Management maintained its harvest guidance of 45–48kt for 2018 and 53kt (wfe) for 2019. The margin in the trout operation beat our estimate by 42% (USD1.7/kg versus USD1.2/kg). We maintain our BUY recommendation, and have raised our 2018e EPS by 10% and our target price to NOK65 (56).
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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