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...
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...
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).
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).
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...
Q1 operating EBIT of NOK28m was NOK74m below our estimate and NOK56m below consensus, mainly driven by higher farming costs than expected, but also lower realised prices. Q2 volume guidance was soft versus our estimate, while 2024 guidance was unchanged at 21.5kt. Based on the report, we have made our harvest profile more back-end loaded for 2024–2026e, increased cost/kg and made minor revisions to realised prices. In sum, we have lowered our 2024–2026e EPS by 14.7–52.4%. We have cut our target ...
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.
Q1 operating EBIT of NOK-6m was NOK73m–31m below our estimate and consensus, respectively, driven by unflagged biological challenges (NOK15/kg in one-off costs) and high underlying cost/kg. Following the disappointing Q1 report and negative guidance, we have revisited our estimates and cut our 2024–2025e EPS by 87.8–24.2%. We reiterate our BUY, but have cut our target price to NOK170 (185) on lowered forecasts.
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 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...
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