Lerøy Seafood (Buy, TP: NOK52.00) - Q1 in line and operational progress
Q1 operating EBIT was NOK842m, 4% below our estimate, but 3% above consensus. Farming EBIT fell shy of expectations, while wildcatch and VAP were above. Operational performance in farming stated to go well, with good growth and biology in all regions, helped by shielding technologies. The 2024 harvest guidance was unchanged at 175kt (consensus: 161–167kt). We expect consensus 2024e EPS to come up 0–2% and the stock 2–5% on improved sentiment regarding an operational turnaround.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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