Avior Capital Markets - Oceana Group Ltd. (104X) Oceana | So many fish- so little time

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Avior Capital Markets

Jiten Bechoo

Oceana | So many fish- so little time

Oceana Group (OCE) H1 '18 results were encouraging, with core earnings flat yoy. Canned fish volumes have recovered well. We believe volumes will continue increasing in H2 â€˜18. The Daybrook business was weak in the period but will grow in H2 '18, with higher volumes and prices. According to our estimate, the company is capable of growing core earnings ahead of its peers, by c.39% pa over the next two years.

29/05/2018 18 EN

Underlying

Oceana Group Ltd.

Oceana Group is engaged in the fishing and commercial cold storage industries. Co.'s fishing activities relate to the catching, processing, marketing and distribution of canned fish, fishmeal, fish oil, lobster, horse mackerel, squid and hake, covering inshore, midwater and deep-sea fishing, as well as the purchase of frozen and canned stock from external suppliers. Co. conducts its fishing businesses through four operating segments: canned fish and fishmeal; lobster, squid and french fries; horse mackerel and hake; and commercial cold storage. Co.'s products are sold and consumed in many African countries, the Far East, European Union, U.S. and Australia.

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ZAE000025284 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

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Analysts

Jiten Bechoo

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