Grieg Seafood (Buy, TP: NOK87.00) - Soft 2023 guidance
Q4 operating EBIT was NOK156m, c15% above our estimate but 2% below consensus. The cost and volume guidance for Norway disappointed, with the spiro parasite outbreak in 2022 leading to high cost guidance for Finnmark in H2 while the Rogaland Q1 cost guidance was raised by NOK3/kg due to the write-down of broodstock. We have cut our estimates in Norway and reduced our 2023–2025e EPS by 24.6–11.4%. We reiterate our BUY but have lowered our target price to NOK87 (115).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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