Grieg Seafood (Buy, TP: NOK135.00) - 6% below Q4 consensus
We forecast Q4 operational EBIT of NOK334m, 6% below consensus of NOK356m (results due at 06:30 CET on 13 February). We expect a solid margin from the Norwegian operations, but the UK and Canada to be below par also in Q4 after biological challenges in Q3. We have cut our 2018e EPS by 2.3% due to a lower spot price in Q4 2018. We reiterate our BUY and NOK135 target price.Greig Seafood is a fish farming group, based in Norway, that specialized in salmon and trout. Co. is the parent company of the Greig Seafood Group. Co. is engaged in the production and sale of seafood, and naturally related activities to the sale of seafood. Co. is predominately engaged in the production of farmed salmon and trout, with a production capacity of around 95,00 tons gutted weight annually. Co. has 100 licences for salmon production and five licences for smolt production. Co. has operations in Finnmark and Rogaland in Norway, British Columbia in Canada, and Shetland (the U.K.).
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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