Grieg Seafood (Buy, TP: NOK85.00) - Q2 beat offset by guidance cut
Q2 operating EBIT was NOK547m, 9–26% above consensus and our forecast, driven by a higher realised price in Rogaland and lower eliminations. The 2023 harvest guidance was cut by 2kt (due to Rogaland) to 78kt, which is in line with consensus. The Q3 contract share was guided at 42% of Norwegian volumes, with 2023 at 15%. The Q2 beat was offset by a 2023 guidance cut, meaning we expect no material changes to consensus 2023e operating EBIT, and a neutral 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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