reports
- 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
Grieg Seafood (Buy, TP: NOK80.00) - Mixed Q1, weak outlook
Q1 operating EBIT was NOK292m, 5% below consensus and 13% below our forecast, with strong results in Rogaland offset by misses in Finnmark and Newfoundland on high costs and low realised prices. The company maintained its 2024 volume guidance of 81kt, but lowered its Q2 harvest expectation, suggesting a more back-end loaded harvest. Combined with challenges in Finnmark and high costs in Newfoundland, we see a potential 30% drop in 2024e consensus operating EBIT and expect the stock down 5–10% to...
- Alexander Aukner
SalMar (Hold, TP: NOK690.00) - Earnings disappoint in Q1
Operating EBIT of NOK1.5bn undershot our estimate and consensus of NOK1.6bn–1.7bn. Core farming in Norway was better than we expected, while Icelandic Salmon and SalMar Aker Offshore missed significantly. We have factored in the Q2 guidance for low harvest volumes in our full-year EPS, while a lower tax charge aided Q1 EPS. We have raised our 2025–2026e EPS by 2.5-4.1%, largely reflecting larger volumes and a margin gain in the offshore operations; however, we reiterate our HOLD and NOK690 targe...
- Alexander Aukner
Austevoll Seafood (Buy, TP: NOK112.00) - Crystalising value
Austevoll Seafood’s announced sale of the Br.Birkeland trawling operations for NOK1.96bn was well above our estimate, boosting our fair value by NOK3.3/share, and we expect further corporate actions to crystalise values within the company. Q1 operating EBITDA was 9–10% above our estimate and consensus, and we believe the Peruvian operations are set for a rebound without materially cannibalising the north Atlantic fishmeal/oil operation. Reiterate BUY and lift target to NOK112(108).
- Alexander Aukner
Lerøy Seafood (Hold, TP: NOK55.00) - Progress with new technology
Q1 operating EBIT of NOK842m was c4% below our estimate, but 3% above consensus. New shielding and submersible technologies are reported to work well, with strong biological performance in Q1. The company guides for costs in line to slightly higher than in 2023, and while the 2024 harvest guidance was maintained, 2025 was cut 5kt from Sjøtroll. We have reduced our 2024e EPS by 6.0%, but increased 2025–2026e by 0.5–3.6%. We have downgraded to HOLD (BUY), with a raised target price of NOK55 (52).
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
Grieg Seafood ASA: Q1 2024 results
Grieg Seafood ASA: Q1 2024 results Highlights Harvest volume of 21,075 tonnes (15,357 tonnes) Operational EBIT in the quarter of NOK 292 million (NOK 385 million), with operational EBIT/kg of NOK 13.8 (25.1)Rogaland delivered second best quarterly results everResults in Finnmark significantly impacted by historical biological challenges and downgradesSuccessful completion of harvest of the first generation in Newfoundland, with high share of superior qualityConstruction of post-smolt facilities in Rogaland, Finnmark and Newfoundland on trackProcess to identify long-term partners to ta...
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
Lerøy Seafood (Buy, TP: NOK52.00) - Q1 in line and operational progres...
Q1 operating EBIT was NOK842m, 4% below our estimate, but 3% above consensus. Farming EBIT fell shy of expectations, while wildcatch and VAP were above. Operational performance in farming stated to go well, with good growth and biology in all regions, helped by shielding technologies. The 2024 harvest guidance was unchanged at 175kt (consensus: 161–167kt). We expect consensus 2024e EPS to come up 0–2% and the stock 2–5% on improved sentiment regarding an operational turnaround.
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
SalMar - Notice of annual general meeting
SalMar - Notice of annual general meeting SalMar ASA will hold its annual general meeting on Thursday 6 June 2024 at 12:00 CEST. The meeting will be held virtually through the general meeting portal administrated by Euronext Securities Oslo. Please find the notice of the Annual General Meeting (AGM) enclosed. The company published its annual report on 19 April 2024. The report is available at the company homepage, , including other relevant documents for the general meeting. For further information, please contact:Håkon Husby, Head of Investor RelationsTel: +47 936 30 449 Email: This i...
SalMar - Innkalling til generalforsamling
SalMar - Innkalling til generalforsamling SalMar ASA avholder ordinær generalforsamling torsdag 6. juni 2024 klokken 12:00. Møtet vil avholdes digitalt via generalforsamlingsportalen administrert av Euronext Securities Oslo. Innkalling til generalforsamling er vedlagt. Selskapets årsrapport ble offentliggjort 19. april 2024 og er tilgjengelig på selskapets hjemmeside, , sammen med øvrige relevante dokumenter til generalforsamlingen. For ytterligere informasjon, vennligst kontakt:Håkon Husby, IR-ansvarligTel: +47 936 30 449 Email: Denne opplysningen er informasjonspliktig etter verdipap...
Lerøy Seafood Group ASA: Progress in biological performance. Promising...
Lerøy Seafood Group ASA: Progress in biological performance. Promising shielding technology enhances fish welfare. GOOD BIOLOGICAL DEVELOPMENT IN THE FIRST QUARTER OF 2024. PROGRESS IN VAP S&D CONTINUES. Today, Lerøy Seafood Group ASA reports a consolidated operational EBIT of MNOK 842 for the first quarter of 2024. Of this, Farming accounts for MNOK 576, with seasonally low harvest volumes. CEO Henning Beltestad says; We have had a good quarter in Farming with strong biological development. Considering the very cold sea temperatures, our fish are growing well. It is also very pleasing...
Lerøy Seafood Group ASA: Fremgang i biologisk prestasjon. Lovende skje...
Lerøy Seafood Group ASA: Fremgang i biologisk prestasjon. Lovende skjermingsteknologi løfter fiskevelferd. GOD BIOLOGISK UTVIKLING I FØRSTE KVARTAL 2024. FREMGANGEN I VAP S&D FORTSETTER. Lerøy Seafood Group ASA rapporterer i dag et konsolidert operasjonelt driftsresultat på MNOK 842 for første kvartal 2024. Av dette utgjør havbruk MNOK 576, på sesongmessig lave slaktevolumer. Konsernleder Henning Beltestad sier; Vi har hatt et godt kvartal i Havbruk med en sterk biologisk utvikling. I lys av svært kalde sjøtemperaturer vokser fisken vår godt. Det er også veldig gledelig å konstatere be...
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
SalMar (Hold, TP: NOK690.00) - Q1 on the soft side
Q1 operating EBIT of NOK1,512m was 7% below our forecast and 11% below consensus. SalMar Aker Ocean (SAO) and Icelandic Salmon reported lower-than-expected margins, accounting for the majority of the miss. The 2024 harvest guidance was unchanged at 237kt for Norway, 7kt for SAO, 15kt for Iceland and 37kt for the UK, while guided Q2 volumes were lower, suggesting a more back-end loaded profile. Costs were guided slightly lower QOQ for Norway. We expect consensus 2024e EPS to come down by c5–10% a...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.