Lerøy Seafood (Hold, TP: NOK55.00) - Below consensus on Q2e
We estimate Q2 operating EBIT of NOK872m (results due at 06:30 CET on 21 August), 15% below consensus of NOK1,030m, where two-thirds of the deviation stems from lower harvest volumes in Lerøy Aurora. We have reduced our 2024e EPS by 5.1%, but raised 2025–2026e by 4.1-3.6%, following our increased forecasts for farming volumes. We reiterate our HOLD and NOK55 target price on the falling spot price and our reduced Q2e.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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