SalMar delivered Q4 results significantly below expectations following an early harvest in Central Norway, impacting both realized prices and costs. The company expects stable costs going into Q1/20 – above our previous assumptions, and we have lowered our 2020 estimates by 8%. The DPS of NOK 21 represents a yield of 5.0% - one of the best in the sector. We stick to our Buy rating while lowering our target price to NOK 460 (500) following our earnings revision.
