Lerøy Seafood (Buy, TP: NOK57.00) - Q1 operating EBIT in line with consensus; EPS 10% ahead, driven by strength in UK subsidiary
Reported EBIT adj. of NOK960m was in line with (Inquiry) consensus of NOK959m and 8% above our NOK891m. Reported EBIT/kg at NOK25.5 was in line with consensus of NOK25.6 and 8% above our NOK23.7. The 2018e harvest guidance is 166kt, 2% below consensus at 169kt and 1% above our 165kt. Both Lerøy Aurora and Lerøy Midt outperformed our expectations on EBIT, while Sjøtroll came up short. The over/underperformance was driven by margin per kg in all regions.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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