Grieg Seafood (Buy, TP: NOK170.00) - Q2 beat
Grieg Seafood reported operating EBIT of NOK986m, c13% and c17% above our forecast and consensus, respectively. Higher than expected realised prices (lower downgrades) led to a stronger than expected farming margin in Norway. Management indicated cost inflation will have a larger impact on production costs going forward (already reflected in our estimates). 2022 harvest volume guidance was cut to 87kt (88kt). We expect consensus 2022 EPS up 5–6% today and a 3–5% positive share price reaction.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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