LSG Leroy Seafood Group ASA

Lerøy Seafood Group ASA: Trading update Q1 2024

Lerøy Seafood Group ASA: Trading update Q1 2024

HARVEST VOLUMES OF SALMON AND TROUT

Total harvest volume of salmon and trout for Q1 2024 was 26,400 GWT, excluding volumes from Scottish Seafarms.

Harvest volumes per region/company (in 1,000 GWT):

Lerøy Aurora: 6.0

Lerøy Midt: 13.7

Lerøy Sjøtroll: 6.7 (of which 3.3 was trout)

CATCH VOLUMES OF WILDFISH

Total wild catch volumes (Lerøy Havfisk) was 24,100 tonnes for Q1 2024 of which 6,700 tonnes of cod.

The complete Q1 2024 report will be released on 15 May 2024 at 06:30 CET.

Queries may be addressed to the company’s CFO Sjur S. Malm.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.



EN
05/04/2024

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LSGLeroy Seafood Group ASA

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Reports on Leroy Seafood Group ASA

Alexander Aukner
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MAS MÅSØVAL
05/16/24 May 16, 2024 1 EN
Alexander Aukner
  • Alexander Aukner
Free Trial
LSG Leroy Seafood G...

Lerøy Seafood (Hold, TP: NOK55.00) - Progress with new technology

Q1 operating EBIT of NOK842m was c4% below our estimate, but 3% above consensus. New shielding and submersible technologies are reported to work well, with strong biological performance in Q1. The company guides for costs in line to slightly higher than in 2023, and while the 2024 harvest guidance was maintained, 2025 was cut 5kt from Sjøtroll. We have reduced our 2024e EPS by 6.0%, but increased 2025–2026e by 0.5–3.6%. We have downgraded to HOLD (BUY), with a raised target price of NOK55 (52).

LSG LEROY SEAFOOD GROUP ASA
05/16/24 May 16, 2024 1 EN
ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun
LSG Leroy Seafood G...

Looks increasingly worth the wait

'24e-'25e EBIT (core) largely unchanged post Q1. Investments gradually translating into better operations. '24e-'25e P/E 12x-10x; BUY reiterated, TP of NOK 65.

LSG LEROY SEAFOOD GROUP ASA
05/15/24 May 15, 2024 1 EN
Alexander Aukner
  • Alexander Aukner
Free Trial
LSG Leroy Seafood G...

Lerøy Seafood (Buy, TP: NOK52.00) - Q1 in line and operational progres...

Q1 operating EBIT was NOK842m, 4% below our estimate, but 3% above consensus. Farming EBIT fell shy of expectations, while wildcatch and VAP were above. Operational performance in farming stated to go well, with good growth and biology in all regions, helped by shielding technologies. The 2024 harvest guidance was unchanged at 175kt (consensus: 161–167kt). We expect consensus 2024e EPS to come up 0–2% and the stock 2–5% on improved sentiment regarding an operational turnaround.

LSG LEROY SEAFOOD GROUP ASA
05/15/24 May 15, 2024 1 EN
ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun
LSG LEROY SEAFOOD GROUP ASA
05/15/24 May 15, 2024 1 EN

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