Knowing who has the best farming locations, production areas and operations is key to assessing future performance potential. Our extensive asset quality research findings suggest SalMar has the best sites, and the best MAB portfolio, while Mowi has outperformed its benchmark the most and has the most conservative estimates versus our expectations. Grieg Seafood is the most undervalued and Lerøy Seafood has the highest margin rebound potential in our view.
As previously warned, the temperature issues in H2 2023 caused some fish to be sold at reduced prices, eroding the liquidity runway. With the new USD35m equity raise, cash at hand and undrawn debt, the company has USD90m available to reach a steady state, which it targets reaching in H2 2024. As DNB Markets acted as Joint Bookrunner in the recent private placement and will act as Manager in a contemplated subsequent offering of shares in Atlantic Sapphire ASA, we have withdrawn our target price ...
Biological challenges, El Niño, algae blooms, cold water temperatures, overproduction challenges and string-jellyfish have led us to cut our global supply estimates. We now expect 0.9–3.3% global growth for 2024–2025e, have raised our salmon prices to EUR7.9–8.0/kg (7.6–7.9), and have introduced our 2026 forecast of EUR8.1/kg. We reiterate our positive view on the sector, with Mowi and Austevoll Seafood our top picks.
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