Lerøy Seafood (Buy, TP: NOK70.00) - Moving in the right direction
Lerøy Seafood reported Q4 operational EBIT of NOK769m, in line with our estimate and consensus. The proposed 2019 DPS of NOK2.3 was 15% above our expectation. We were positively surprised by the company planning a CMD in May/June as well as the harvest guidance of 183–188kt in 2020 and 200–210kt in 2021. We see light at the end of the communication tunnel, and reiterate our BUY and 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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