Lerøy Seafood (Buy, TP: NOK55.00) - Q3 miss and soft 2024 volumes
Q3 operating EBIT was NOK631m, 16–17% below our estimate and consensus, driven by weaker earnings in Sjøtroll. Stable costs guided for Farming QOQ was a positive in our view. The 2023 harvest guidance was cut to 157kt (168kt), while 2024 was 175kt. We expect a 5% cut to 2024 consensus EPS due to lower harvest volumes, and the shares to be down 3–5% today.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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