reports
- Kate Heseltine
Domino's Pizza - Growing the base
Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.
- Alexander Aukner
Austevoll Seafood (Buy, TP: NOK108.00) - Set for Peruvian rebound
We expect Q1 EBITDA of NOK1,528m, largely in line with consensus for NOK1,496m (results due at 07:00 CET on 15 May). Ahead of the report we have increased our Q1 EBITDA estimates for Lerøy Seafood and Foodcorp. The first season quota in Peru was 2.5mt, above our estimate of 2.0mt; while some uncertainty remains for catch rates, the proportion of juvenile fish and fat content, we expect more information with the Q1 report. Nevertheless, a normalisation in Peru through 2024 is set to benefit the c...
- 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
Lerøy Seafood (Buy, TP: NOK52.00) - Better harvest mix in Q1
Lerøy Seafood’s Q1 trading update revealed harvest volumes in line with our estimates, but with a better mix on higher-than-expected volumes from Lerøy Midt and lower volumes from Lerøy Sjøtroll in Q1, while higher wild-catch volumes also contributed positively. We have raised our 2024e EPS by 1.5%, and we now expect Q1 operating EBIT of NOK880m (previously NOK752m), in line with consensus of NOK881m (full Q1 report due at 06:30 CET on 15 May). We reiterate our BUY and NOK52 target price.
Lerøy Seafood Group ASA: Trading update Q1 2024
Lerøy Seafood Group ASA: Trading update Q1 2024 HARVEST VOLUMES OF SALMON AND TROUT Total harvest volume of salmon and trout for Q1 2024 was 26,400 GWT, excluding volumes from Scottish Seafarms. Harvest volumes per region/company (in 1,000 GWT): Lerøy Aurora: 6.0 Lerøy Midt: 13.7 Lerøy Sjøtroll: 6.7 (of which 3.3 was trout) CATCH VOLUMES OF WILDFISH Total wild catch volumes (Lerøy Havfisk) was 24,100 tonnes for Q1 2024 of which 6,700 tonnes of cod. The complete Q1 2024 report will be released on 15 May 2024 at 06:30 CET. Queries may be addressed to the company’s CFO Sjur S. M...
Lerøy Seafood Group ASA: Oppdatering volum i første kvartal 2024
Lerøy Seafood Group ASA: Oppdatering volum i første kvartal 2024 SLAKTET VOLUM AV LAKS OG ØRRET Slaktet volum av laks og ørret for første kvartal 2024 ble 26.400 GWT. Dette inkluderer ikke volumer fra Scottish Seafarms. Slaktet volum av laks og ørret per region / havbruksselskap (i 1.000 GWT): Lerøy Aurora: 6,0 Lerøy Midt: 13,7 Lerøy Sjøtroll: 6,7 (hvorav 3,3 var ørret) FANGSTVOLUM VILLFISK Fangstvolum av villfisk (Lerøy Havfisk) utgjorde 24.100 tonn i første kvartal 2024, hvorav 6.700 tonn med torsk. Fullstendig rapport for første kvartal 2024 blir offent...
- Alexander Aukner
Lerøy Seafood (Buy, TP: NOK52.00) - Below consensus for Q1e
We expect Q1 operating EBIT of NOK752m, 13% below consensus of NOK863m, with the difference explained by our lower harvest estimate (results due at 06:30 CET on 15 May). We have raised our Q1e Wild Catch operating EBIT due to the timing of sales, but cut 2024–2026e on lower margin assumptions. In turn, we have lowered our 2024–2026e EPS by 3.0–2.0%, but reiterate our BUY and NOK52 target price.
- 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
The quality report
Knowing who has the best farming locations, production areas and operations is key to assessing future performance potential. Our extensive asset quality research findings suggest SalMar has the best sites, and the best MAB portfolio, while Mowi has outperformed its benchmark the most and has the most conservative estimates versus our expectations. Grieg Seafood is the most undervalued and Lerøy Seafood has the highest margin rebound potential in our view.
- 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
Lerøy Seafood (Buy, TP: NOK52.00) - Q4 beat, but 2024e EPS cut
Q4 operating EBIT was NOK765m, 18% above our estimate and 13% above consensus on strong VAP & Sales EBIT. Management guided for higher costs and lower volumes in Q1, suggesting a back-end loaded harvest profile for the year. With a lower wild-catch cod quota and margins, we have cut our 2024–2025e EPS by 4.7–2.5%. The company proposed a 2023 DPS of NOK2.5 (11% below our forecast, 4% below consensus). We reiterate our BUY and NOK52 target price.
- Alexander Aukner
Austevoll Seafood (Buy, TP: NOK108.00) - Salmon better, Pelagia softer
Q4 EBITDA was NOK1,190m, 16–17% above our estimate and consensus, driven by Lerøy Seafood and Austral, while Pelagia fell short of expectations. We have cut our 2024e EPS by 7.3%, driven by Lerøy Seafood, Austral and Pelagia, but increased 2025–2026e by 3.8–6.4%. We reiterate our BUY, but have reduced our target price to NOK108 (111).
Leroy Seafood Group ASA: 1 director
A director at Leroy Seafood Group ASA bought 15,000 shares at 46.540NOK and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
Lerøy Seafood Group ASA: Mandatory notification of trade by primary in...
Lerøy Seafood Group ASA: Mandatory notification of trade by primary insider Sjur S. Malm, CFO of Lerøy Seafood Group ASA (LSG), has today February 29th, 2024 bought 15,000 shares in LSG at an average price of NOK 46.54 per share. Ownership after this transaction is 30,000 shares in LSG. Please see the attached form for further details. This information is subject to the disclosure requirements pursuant to MAR article 19 and section 5-12 of the Norwegian Securities Trading Act. Attachment
Lerøy Seafood Group ASA: Meldepliktig handel for primærinnsider
Lerøy Seafood Group ASA: Meldepliktig handel for primærinnsider Sjur S. Malm, konserndirektør Økonomi og finans i Lerøy Seafood Group ASA (LSG), har i dag den 29. februar 2024 kjøpt 15.000 aksjer i LSG til en gjennomsnittskurs på NOK 46,54 per aksje. Beholdningen etter denne transaksjonen er 30,000 i LSG. Se vedlagte skjema for nærmere detaljer. Denne meldingen legges ut på bakgrunn av reglene i MAR art. 19 og verdipapirhandelloven § 5-12. Vedlegg
- Alexander Aukner
Lerøy Seafood (Buy, TP: NOK52.00) - Q4 beat, slightly soft guidance
Q4 operating EBIT was NOK765m, 18% above our estimate and 13% above consensus, driven by a stronger margin in VAP & Sales. The 2024 harvest guidance was unchanged at 175kt, but with a more back-end loaded profile. We expect a small cut to 2024e consensus EPS due to the back-end loaded harvest profile, but forecast a small positive share price reaction as the report likely came as a relief to the market.
Lerøy Seafood Group ASA: Record revenue in 2023. Progress towards targ...
Lerøy Seafood Group ASA: Record revenue in 2023. Progress towards targets for 2025. RECORD REVENUE IN 2023. MAKING PROGRESS TOWARDS 2025 TARGETS 2023 marks the first year in Lerøy's history where revenue exceeds NOK 30 billion. Seafood's position among consumers remains strong. We continue to vigorously work towards developing the most efficient and sustainable value chain for seafood. I am proud of the work our employees do, while acknowledging that the past year has been challenging," says CEO Henning Beltestad. FOURTH QUARTER 2023 DEVELOPMENT In the fourth quarter of ...
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