Salmones Camanchaca (Buy, TP: NOK82.00) - Expecting a strong end to the year
We forecast operating EBIT of USD27.5m in Q4, in line with consensus (results due on Monday 2 March). The trading update released on 13 January revealed harvest volumes slightly below the guidance, but the raised 2020 guidance suggests volumes may have been pushed into 2020. High reported harvest weights should also bode well for costs and realised prices in Q4e. We reiterate our BUY and have raised our target price to NOK82 (75) on higher peer multiples.
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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