Lerøy Seafood (Buy, TP: NOK67.00) - Q4 beat and good outlook
Lerøy Seafood reported operating EBIT of NOK799m, c14% above our estimate and c7% above consensus. The board proposed a DPS of NOK2.5 for 2024, in line with consensus but below our estimate of NOK2.6. Biomass growth was a record-high, and submersible cages have shown an 85% reduction in sea-lice treatments, largely confirming the positive effect we had looked for. We have increased our 2025–2027e EPS by 1.6–2.0% on higher realised prices and harvest volumes, and reiterate our BUY and NOK67 target price.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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