The Scottish Salmon Company (Buy, TP: NOK12.00) - Q3 trading update
Despite continued good performance, challenging biology led to weaker results than we expected for the quarter. Operating EBIT was 7% below consensus in spite of harvesting volumes 23% above what we expected in Q3. We reiterate our BUY recommendation but have cut our target price to NOK12 (NOK13). We have reduced our expected EBIT/kg in Q4 2017 and 2018 due to costs related to biological issuesScottish Salmon Company is engaged in the production and sale of Scottish salmon along with complementary investments in other Scottish seafood products. Co. conducts all its salmon farming, processing, and sales and marketing activities through its subsidiary, The Scottish Salmon Company Limited.
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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