Lerøy Seafood (Hold, TP: NOK65.00) - A good quarter
Lerøy Seafood reported operational EBIT of NOK960m, in line with consensus. The outlook and volume guidance was also in line with market expectations; hence the only major deviation was stronger results and better growth prospects from associated companies. Overall, we have increased our EPS estimate by 2.6% for 2018. We have also raised our target price to NOK65 (NOK57) yet downgraded our recommendation to HOLD (BUY) as the market has already discounted much of the positive news.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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