Austevoll Seafood (Buy, TP: NOK117.00) - Resource tax to be set at 25%
On 25 May, the Norwegian government announced it had secured 50.3% support in Parliament for a 25% resource tax, with the final bill set to be voted through on 31 May. We have adjusted our model to account for a 25% resource tax (35%), increasing our 2024–2025e EPS by 6.4–6.5%. We have also applied a 25% resource tax in our DCF valuation for Lerøy Seafood beyond our 2025 forecast period. We have raised our target price to NOK117 (108) based on the higher value of the Lerøy Seafood stake and reiterate our BUY.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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