Grieg Seafood (Buy, TP: NOK135.00) - Q4 report largely in line
Overall this was a decent report, fairly in line with our and consensus expectations. The reported EBIT at NOK351m was in line with expectations (-3% versus consensus (Bloomberg) of NOK360m and 5% versus our NOK334m). This was due to the reported margin at EBIT/kg of NOK14.8, in line with consensus estimates (-1% versus consensus of NOK14.9/kg, 6% versus our NOK13.9/kg). The reported harvest volume at 23.7kt was also in line (-2% versus consensus of 24.1kt, -1% versus our 24kt).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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