Austevoll Seafood (Buy, TP: NOK123.00) - Peruvian comeback in Q2
Q2 operating EBITDA of NOK3,057m included a one-off gain of NOK1,265m from the sale of vessels in Br. Birkeland, and was 77% above our estimate and 86% above consensus (underlying 4% and 9% above, respectively). The underlying beat was driven by Austral on a strong comeback for its Peruvian operations. Following a solid Q2 and the stub valuation having come down, we find the shares attractively valued; we reiterate our BUY and have raised our target price to NOK123 (116) on our recently increased Lerøy 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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