reports
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
KALDVIK AS (KLDVK): Q3 2024 Results
KALDVIK AS (KLDVK): Q3 2024 Results KALDVIK AS (KLDVK) reports Operating income in Q3 amounted to EURm 24.5 (EURm 2.1), while the operating profit before fair value adjustment of biomass and production tax was EURm 2.1 (EURm 0.3). Harvest amounted to 3.798 tonnes in Q3 2024 (193 tonnes) Web cast will be at 11:00 (CET)/ 10:00 Icelandic time on 20 November 2024 on the following link on Teams: Attached is the presentation and report for Q3 2024. Kaldvik, 20 November 2024 Contacts: Robert Robertsson, CFO of KALDVIK AS: (mobile) This information is subject to the disclosure requi...
Kaldvik AS (KLDVK): Q3 2024 Webcast results 20 November 2024 at 11:00 ...
Kaldvik AS (KLDVK): Q3 2024 Webcast results 20 November 2024 at 11:00 (CET) A presentation of Kaldvik AS interim report Q3 2024 will be held at 11:00 (CET)/ 10:00 Icelandic time on the 20th of November 2024. The company’s CEO Roy-Tore Rikardsen and CFO Róbert Róbertsson will be presenting the company's results. This session will be held in English via Teams. Questions may be asked after the session. Join the session by using this link: Kaldvik AS interim report Q3 2024 will be released on the 20th November 2024 at 7:00 (CET). Contacts: Róbert Róbertsson, CFO of Kaldvik AS: (mobile) ...
- Ola Trovatn
Kaldvik (Buy, TP: NOK31.00) - Ramping up harvest in Q3
We expect Q3 operating EBIT of NOK9m, in line with consensus of NOK10m, and harvest of 4.5kt (in line with the guidance at Q2), corresponding to an EBIT/kg margin of NOK1.9. We expect the 2024–2025 volume guidance of 17.5–25kt to be reiterated, and believe investors should focus on comments regarding operational performance for seawater and smolt production. With our estimates largely intact, we reiterate our BUY and NOK31 target price.
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Alexander Aukner
Lower prices and costs
We remain positive on the sector, as we still find the valuation supportive at 2025–2026e P/E’s of 13-11x, with SalMar and Mowi as our top picks. For our 2025–2026 sector forecasts, we have increased global supply by 30–40kt on 3–4% growth, noting high regulatory risk in some regions, but have reduced our spot prices by EUR0.2/kg to EUR7.7–7.9/kg. We have also reduced production costs by NOK1.5–3.5/kg on prevailing feed input prices, and cut our 2025e EPS by 7% but raised 2026e by 6%.
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
Introduction to the salmon sector
This report provides an overview of the dynamics, companies, history, challenges and opportunities of the salmon farming industry. Biological challenges and stricter regulations over the past decade have curbed the supply of salmon, a globally consumed product with a strong ESG angle. Significant infrastructure investments made by the companies to solve these challenges have not yet yielded materially higher supply, leading to continued high salmon prices. Despite higher EBIT margins the sector ...
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Alexander Aukner
Lower tax proposed
The largest opposition party (Høyre) has launched a new draft proposal for its next parliamentary election programme. One of the suggestions is a lower and less bureaucratic resource tax. In the event of a 15% resource tax (down from 25%), we calculate the following preliminary 2025–2026e EPS impacts on the companies we cover: Grieg Seafood (15%), SalMar (12%), Lerøy Seafood (9%), Måsøval (8%), Mowi (7%), and Bakkafrost (0%). While this is only a proposal, we believe it will likely materially li...
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Ola Trovatn
Kaldvik (Buy, TP: NOK34.00) - Quiet Q2 and harvest guidance cut
Operating EBIT of NOK-15m was NOK16m–17m below our estimate and consensus, driven by higher fixed costs and a lower realised price/kg, since harvest of 0.5kt was as guided. The 2024 volume guidance was reduced by 4kt to 17.5kt, of which 4.5kt to be harvested in Q3, and 2025 by 3–5kt to 25–27kt. Based on this and the slight Q2 miss, we have cut our 2024–2025e EPS by 58.3–9.2%. We reiterate our BUY, but have trimmed our target price to NOK34 (36).
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