Salmones Camanchaca (Hold, TP: NOK67.00) - Higher realised prices likely
Q2 operational EBIT was USD13.4m, 36–38% below our estimate and consensus due to a lower realised salmon price and higher costs. With a significant share of high-priced sales to be booked in Q3, we expect realised prices to rise. Good growth prompted the company to increase its 2018 harvest guidance to 48kt (45–48kt). We have cut our 2018e EPS by 21%, while our 2019–2020 forecasts are largely unchanged. We reiterate our HOLD and NOK67 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.