Austevoll Seafood (Buy, TP: NOK112.00) - Austral set to start comeback in Q2
We expect Q2 EBITDA of NOK1,724m, 5% below consensus of NOK1,808m (results due at 07:00 CET on 21 August). We are NOK84m–137m below consensus Q2e EBITDA for Foodcorp and Lerøy Seafood, but NOK103m above for Austral. Following a change of analyst, we have raised our 2024–2026e EPS by 3.6–2.2% on higher forecasts for Austral and Lerøy Seafood, and reiterate our BUY and NOK112 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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