Salmones Camanchaca (Buy, TP: NOK82.00) - Strong finish to the year
Salmones Camanchaca reported Q4 operational EBIT of USD34.3m, c34–25% above our estimates and consensus, driven by higher volumes, higher realised prices, and lower costs. Harvest guidance for 2020 was set at 60–62kt, in-line with previous guidance. We have increased our 2020–2022e EPS by 2.2–11.2%, driven by higher expected realised prices and more even harvest volumes through the year. We reiterate our BUY and NOK82 price target.
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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