Austevoll Seafood (Sell, TP: NOK104.00) - Non-salmon recovering
Q2 EBITDA was NOK1,570m, 12% below our estimate and 2% below consensus, driven by weaker results from Lerøy Seafood. The remaining assets performed in line or better than expected, marking a return of profitability for the non-salmon operations. We have cut our 2018e EPS by 10% (Lerøy Seafood-related), while we have lifted our 2019–2020 forecasts due to our expectation of higher earnings from the pelagic operations. We have raised our target price to NOK104 (102), but reiterate our SELL.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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