Lerøy Seafood (Buy, TP: NOK70.00) - Minor model adjustments
Lerøy Seafood’s Q3 trading update on 7 October revealed volumes above our expectations for Midt and Wild-Catch, in line for Sjøtroll and below for Aurora. We have made minor model adjustments and have raised our 2020e EPS by 1.3%. We now expect operational EBIT of NOK252m for Q3, some 4% above consensus of NOK243m (full report due at 06:30 CET on 11 November). We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK70 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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