Austevoll Seafood (Buy, TP: NOK118.00) - Minor model adjustments
We have updated our estimates ahead of the Q1 results (due at 06:30 CET on 16 May). We forecast Q1 EBITDA of NOK1,677m, in line with consensus of NOK1,706m. We are broadly in line with consensus on EBITDA for the segments, although just below for Austral (NOK113m versus consensus of NOK142m) and above for Pelagia (NOK117m versus consensus of NOK80m). We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK118 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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