Austevoll Seafood (Buy, TP: NOK101.00) - Negative value for stub
Excluding its Lerøy Seafood stake, Austevoll Seafood is trading at a negative value of NOK630m versus its historical average of a positive NOK1,350m. This suggests NOK2bn or NOK10/share upside to the typical stub valuation. We find few structural reasons for the stock to trade at its second-largest discount for the past 10 years, and have upgraded to BUY (HOLD) with an unchanged NOK101 target price.Austevoll Seafood is a pelagic fishery and seafood company with operations in Norway, Chile, Peru, Ireland and the U.K. Co.'s operations include fishing vessels, fishmeal plants, canning plants, freezing plants, and salmon farming. Co. has four segments: salmon and trout, which consist of the production to sales and distribution of Atlantic salmon and trout; fishmeal and oil, which consist of the production and sales of the products; pelagic North Atlantic, which consist of the production, sales and distribution of fishmeal, fish oil and frozen pelagic fish products; and human consumption, which consist of the production, sales and distribution of fresh, frozen and canned fish products.
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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