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
- Jesper Ingildsen
ALK-Abello (Buy, TP: DKK190.00) - Expecting solid start to the year
We expect a solid Q1 report, with likely c11% organic growth as well as good margin progress supporting the 2025 guidance. Based on its footprint, we see minimal effect in case of tariffs on pharmaceuticals, with the biggest risk coming from potential reciprocal ones from Europe. We reiterate our BUY and DKK190 target price.
- Alexander Aukner
- Alexander Aukner
Time to revisit
The unfolding trade war has led us to cut our global 2025–2027e demand and trim our spot price estimates. The negative price effect is partly countered by reduced mortality boosting volumes and lowering costs, leading to net EPS cuts of 11–2%. Given the sector’s solid track record in adapting to past crises and recent share-price declines, we see a significantly improved risk/reward and have a positive stance on the sector. We have upgraded Mowi, Bakkafrost, and Grieg Seafood to BUY (HOLD).
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
Lerøy Seafood Group ASA: Trading update Q1 2025
Lerøy Seafood Group ASA: Trading update Q1 2025 HARVEST VOLUMES OF SALMON AND TROUT Total harvest volume of salmon and trout for Q1 2025 was 38,200 GWT, compared to 26,400 GWT in Q1 2024. These figures exclude harvest volumes from Scottish Seafarms. Harvest volumes by region/company for Q1 2025 (Q1 2024), measured in 1,000 GWT: Lerøy Aurora: 7.1 (6.0) Lerøy Midt: 16.4 (13.7) Lerøy Sjøtroll: 14.8 of which 9.5 was trout (6.7 of which 3.3 was trout) CATCH VOLUMES OF WILDFISH Total wild catch volumes in Lerøy Havfisk, measured in 1,000 tonnes: Q1 2025: 19.0 of which 3.6 of cod Q1 2024:...
Lerøy Seafood Group ASA: Oppdatering volum i første kvartal 2025
Lerøy Seafood Group ASA: Oppdatering volum i første kvartal 2025 SLAKTET VOLUM AV LAKS OG ØRRET Slaktet volum av laks og ørret for første kvartal 2025 ble 38.200 GWT, sammenlignet med 26.400 GWT i første kvartal 2024. Dette inkluderer ikke volumer fra Scottish Seafarms. Fordelingen per region / havbruksselskap for første kvartal 2025 (første kvartal 2024) var som følger (i 1.000 GWT): Lerøy Aurora: 7,1 (6,0) Lerøy Midt: 16,4 (13,7) Lerøy Sjøtroll: 14,8 hvorav 9,5 var ørret (6,7 hvorav 3,3 var ørret) FANGSTVOLUM VILLFISK Fangstvolum av villfisk i Lerøy Havfisk (i 1.000 tonn)...
- 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
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- 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
- 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
- Alexander Aukner
Increased supply
Good growth due to warm waters and reduced biological challenges have resulted in a material uptick in standing biomass and a favourable supply outlook. We have raised our 2025e YOY harvest growth to 7.1% (5.0%), driven by Norway, which we now expect to grow 6.9% (3.6%) YOY. We have cut our 2025–2027e spot prices to EUR7.2 (7.5) and EUR7.6 (7.8), corresponding to NOK84–89/kg. We have cut our 2025–2026e EPS by 13–9% and reiterate our neutral view on the sector, expecting sideways movement until s...
- 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
- Alexander Aukner
Lerøy Seafood (Buy, TP: NOK67.00) - Q4 beat and good outlook
Lerøy Seafood reported operating EBIT of NOK799m, c14% above our estimate and c7% above consensus. The board proposed a DPS of NOK2.5 for 2024, in line with consensus but below our estimate of NOK2.6. Biomass growth was a record-high, and submersible cages have shown an 85% reduction in sea-lice treatments, largely confirming the positive effect we had looked for. We have increased our 2025–2027e EPS by 1.6–2.0% on higher realised prices and harvest volumes, and reiterate our BUY and NOK67 targe...
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
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