Salmones Camanchaca (Buy, TP: NOK85.00) - Salmon run continues
Salmones Camanchaca reported Q3 operating EBIT of USD18m, 3–6% below our forecast and consensus due to lower volumes sold, while the EBIT/kg margin was ahead. The 2019 guidance of 55kt in addition to 4kt of Coho was ahead of our expectation of only 52kt of Atlantic salmon. We have raised our 2018e and 2019e EPS by 6.2% and 4.0%, respectively, due to guided lower cost in Q4 and higher 2019 volumes. We have raised our target price to NOK85 (80) and reiterate BUY.
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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