Lerøy Seafood (Buy, TP: NOK55.00) - Q3 in line with expectations
Lerøy Seafood reported operating EBIT of NOK831m, 29% above our forecast but in line with consensus. The beat versus our estimate was driven by a stronger realised price and lower costs in Aurora and Midt. The 2022 harvest volume guidance was cut and is now 6% below consensus, but still slightly above our estimate. The 2023 guidance was 5% below expectation, while the 2024 guidance was in line with our estimate. We expect c5% negative revisions to consensus 2023e EPS, but a neutral share price reaction.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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