Salmones Camanchaca (Hold, TP: NOK67.00) - Taking a breather
We expect a strong Q2, with operational EBIT of USD21m (albeit 2% below consensus of USD21.4m), prompting us to raise our 2018e EPS by 3.2% (Q2 results due at 12:30 CET on 21 August). We have also raised our target price to NOK67 (65); however, the 60% rally in the share price since February’s IPO leaves no upside at this stage, and we have downgraded the stock to HOLD (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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