The Scottish Salmon Company (Buy, TP: NOK13.00) - Strong start to the year
The Scottish Salmon Company’s Q1 trading update revealed higher than expected harvest volume and margins, driving operating EBIT (GBP13.1m) some 86% ahead of market expectations. Management maintains its 26.5kt harvest guidance for 2018, which we consider somewhat optimistic given the cold temperatures and volume downgrades by peers. Following the strong Q1 report and lower cost estimates, we have raised our 2018–2020e EPS materially (39–13%). We reiterate BUY and have raised our target price to NOK13 (12).
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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