Report
Alexander Aukner

Norway Royal Salmon (Hold, TP: NOK185.00) - Q3 operational EBIT in line, 2018 guidance better than expected

The company reported EBIT adj. of NOK192m (2% below Inquiry Financial consensus of NOK196m, 1% below our forecast of NOK193m) and EBIT/kg of NOK18.4 (14% below consensus of NOK21.3 and our forecast of NOK21.5). The 2018 own volume guidance is 43kt (4% above consensus of 41.5kt, 5% above our forecast of 41kt). We consider this a fairly neutral report and expect a neutral share price reaction today.
Underlying
Norway Royal Salmon ASA

Norway Royal Salmon has developed from a sales and marketing company for farmed salmon into an integrated seafood company. Co. is a fish farming company with activities in two main segments: fish farming and sales. The fish farming business includes salmon farming and harvesting activities. The fish farming business is divided into two regions: Region North, which consists of the fish farming business in Senja and West Finnmark; and Region South, which consists of the fish farming business in the area around Haugesund. The sales segment includes the purchase and sale of salmon, as well as Co.'s chain management activities.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Alexander Aukner

Other Reports on these Companies
Other Reports from DnB Markets

ResearchPool Subscriptions

Get the most out of your insights

Get in touch