Austevoll Seafood (Buy, TP: NOK93.00) - Uncertainty in Q4
Austevoll Seafood reported EBITDA of NOK1.051m, some 8% below consensus, but in-line with our estimate. Non-Lerøy Seafood EBITDA came in softer than expected due to a loss in Austral and weaker earnings from Br.Birkeland. Due to late start of the second fishing season in Peru, some volumes may be pushed into Q1 2018. We have made minor 2018–2019e EBITDA adjustments and reiterate our NOK93 target price and BUY recommendation.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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