Lerøy Seafood (Buy, TP: NOK100.00) - Minor model update
We have updated our estimates, owing to the Q1 trading update released on 8 April. We have adjusted our harvest numbers and now forecast Q1 operating EBIT of NOK881m, 8% below consensus (which has yet to adjust). We expect the low harvest in Q1 (32.1kt versus our previous estimate of 41kt) to be recouped later in the year. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK100 target price. The full Q1 report is due at 06:30 CET on 13 May.Leroy Seafood Group is a supplier of seafood. Co.'s primary products are Atlantic salmon and trout. Co. reports within two main segments: Production and Sales and Distribution. The Production segment includes Co.'s activities within production and processing, mainly Atlantic salmon and trout. The subsidiaries in this segment are a main employer along the Norwegian coastline and other areas. The Sales and Distribution segment has a global reach, comprising sales, marketing, product development and distribution of both Co.'s own produced products as well as for external suppliers. Co. is also engaged in nationwide distribution of fresh fish on the Norwegian market.
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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