reports
- Ola Trovatn
Icelandic Salmon (Hold, TP: NOK135.00) - Stabilised biology
Q3 operating EBIT of NOK-35m was slightly below our estimate and consensus of NOK-25m. Biology stabilised in Q3 after a challenging H1, and focus shifted to rebuilding biomass. The 2024 volume guidance of 13kt was unchanged, while 2025 was guided at 15kt, 3.2kt–4.2kt below our estimate and consensus. We have cut our target price to NOK135 (145) on our lowered estimates, and downgraded to HOLD (BUY), with the valuation looking fair at a 2025–2026e P/E of 22.6–9.8x.
Icelandic Salmon Q3 2024: Building a solid foundation for recovery
Icelandic Salmon Q3 2024: Building a solid foundation for recovery Bíldudalur, 18 November 2024Icelandic Salmon is the parent company of Arnarlax and its subsidiaries, which are involved in salmon farming and processing in Iceland. The companies are collectively referred to as "Icelandic Salmon" or the "Group". In the third quarter, Icelandic Salmon stabilised conditions following biological challenges from last winter and spring. Harvest volume remained low, impacting the quarterly results. However, the Group’s focus on biomass growth has built a solid foundation for recovery and future...
Icelandic Salmon - Invitation to presentation for the third quarter 20...
Icelandic Salmon - Invitation to presentation for the third quarter 2024 results Bíldudalur, 15th of November 2024. Icelandic Salmon will be presenting results for the third quarter of 2024 on Monday the 18th of November 2024. The presentation will be held in English via webcast, please copy and paste the following link into your browser: The company’s CEO Bjørn Hembre and CFO Jónas Heiðar Birgisson will be presenting the company's results at 9:00 Icelandic time (11:00 CEST). There will be a Q&A session after the presentations so you can send in questions during the presentation to A...
- 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
- 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
Financial Calendar - Icelandic Salmon
Financial Calendar - Icelandic Salmon Bíldudalur, 25th of October 2024. FINANCIAL YEAR 2024 18.11.2024 - Quarterly Report - Q3 18.02.2025 - Quarterly Report - Q4 25.4.2025 - Annual Report 2024 FINANCIAL YEAR 2025 20.05.2025 - Quarterly Report - Q1 18.06.2025 - Annual General Meeting 21.08.2025 - Half-yearly Report 06.11.2025 - Quarterly Report - Q3 Changed date for Q3 2024 reporting Please note that the dates are subject to change. Changes will be communica...
- 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
- 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
- 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
- Ola Trovatn
Icelandic Salmon (Buy, TP: NOK150.00) - Challenging Q2 and soft outloo...
Q2 operating EBIT of NOK-43m was NOK34m below our estimate and NOK39m below consensus, driven by one-offs of EUR3.9m (cNOK63/kg) in another round of unflagged biological challenges. 2024 volume guidance was cut by 2kt, to 13kt, and challenges in H1 should affect 2025 volumes as well. The Q3 guidance is for still-high costs and comments regarding smolt release for 2024–2025 suggest a slower harvest volume ramp-up than we previously expected. We have cut our 2025–2026e EPS by 12–19% and reiterate ...
Icelandic Salmon Q2 2024: Biological performance improving. New licens...
Icelandic Salmon Q2 2024: Biological performance improving. New license awarded 20 August 2024 Icelandic Salmon is the parent company of Arnarlax, and other subsidiaries involved in salmon farming and processing in Iceland. The companies are collectively referred to as "Icelandic Salmon" or the "Group". Operations In the second quarter 2024, Icelandic Salmon harvested 700 tonnes compared to 88 tonnes in the same quarter last year. Harvesting volumes have remained low as the Group has prioritised growing biological assets and the volume also reflects the seasonal variation in growth d...
- 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
Icelandic Salmon - Invitation to presentation for the second quarter 2...
Icelandic Salmon - Invitation to presentation for the second quarter 2024 results Bíldudalur, 14th of August 2024. Icelandic Salmon will be presenting results for the second quarter of 2024 on Thuesday the 20th of August 2024. The presentation will be held in English via webcast, please copy and paste the following link into your browser: arnarlax.webcast.is The company’s CEO Bjørn Hembre and CFO Jónas Heiðar Birgisson will be presenting the company's results at 9:00 Icelandic time (11:00 CEST). There will be a Q&A session after the presentations so you can send in questions during...
- 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
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