Austevoll Seafood (Buy, TP: NOK129.00) - Strong contribution from South America
Austevoll Seafood’s Q1 report was significantly above our forecast and consensus, driven mainly by a strong contribution from South America as a result of a high season in Chile and larger inventories in Peru. With a longer fishing season and a 4% increase in the anchoveta quota, we expect a favourable outlook for Austral also going into Q2. We have lifted our 2021–2023e EPS by 11.7–3.4% given the strong results and favourable outlook. We reiterate our BUY and have raised our target price to NOK129 (115).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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