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
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).
- Karl-Johan Bonnevier
Bergman & Beving (Hold, TP: SEK250.00) - Down to HOLD after revaluatio...
The Q4 report showed weak growth, but a solid profit margin and FCF generation. We have marginally revised our forecasts for 2024/25-2026/67e, following the results. After a solid share price performance and substantial expansion of valuation multiples, we find the risk/reward more neutral. We have downgraded to HOLD (BUY), with an increased target price of SEK250 (200), owing to our new 2026/27e valuation base, which suggests less near-term revaluation potential.
- 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
- ABGSC Construct. & Real Estate Research
- Bengt Jonassen
- Njål Kleiven
- Simen Mortensen
AF Gruppen (Sell, TP: NOK100.00) - Streak of consensus misses continue...
EBIT missed consensus for the ninth consecutive quarter in Q1. While the results were good relative to peers, we remain concerned about elevated consensus expectations and the high market valuation. We continue to see downside risk to consensus, and reiterate our SELL and NOK100 target price.
- 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 Construct. & Real Estate Research
- Bengt Jonassen
- Njål Kleiven
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
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...
- Geir Hiller Holom
Circio Holding (No_rec, TP: NOK) - Recommendation and target price wit...
We continue to like Circio’s focus on the circRNA programme and believe it will be able to secure a partnering deal in 2025. However, the funding situation is unclear. It recently announced an intention to raise cNOK50m–60m in Q2. As we have limited input on the terms of the upcoming capital raise and Atlas Capital Markets’ (the counterparty of the convertible bond facility announced in February 2023) degree of participation and conditions, we have withdrawn our target price and recommendation.
- 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
Grieg Seafood ASA: Presentation of first quarter 2024 results
Grieg Seafood ASA: Presentation of first quarter 2024 results Grieg Seafood ASA will release its first quarter 2024 results on Thursday, 16 May 2024, at 6:00 a.m. CEST. On the same day at 8:00 a.m. CEST, the results will be presented live at Hotel Continental, Stortingsgaten 24/26, Oslo. The presentation will be led by the Chief Executive Officer, Andreas Kvame, along with the Chief Financial Officer, Atle Harald Sandtorv. Following the presentation, it will be opened for questions from the audience. The presentation and the subsequent Q&A will be held in Norwegian. A live webcas...
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