Grieg Seafood (Buy, TP: NOK80.00) - Approaching end of spiro harvest
Grieg Seafood’s Finnmark operations have been plagued by reduced prices and high costs due to the spiro parasite in recent quarters. It guides for the last spiro fish to be harvested in Q2. We estimate Q1 operating EBIT of NOK337m (consensus NOK334m). We have cut our 2024e EPS by 17.7%, due to lower expected realised prices from the Canadian operations, as US spot prices in Q1 were below our estimates. We reiterate our BUY and NOK80 target price, as the valuation is more closely linked to capacity pricing than short-term earnings.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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