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ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

The higher they fly, the harder they fall

'24e-25e EBIT -5-4% on Scotland and lower volumes. Great Q1, but clouds on the horizon and headwinds ahead. Given the continued risk of disappointments, we keep SELL.

 PRESS RELEASE

Lerøy Seafood Group ASA: Notice of General Shareholders' Meeting

Lerøy Seafood Group ASA: Notice of General Shareholders' Meeting The General Shareholders’ Meeting of Lerøy Seafood Group ASA will be held on 28 May 2024 at 10.00 a.m. CET as an online meeting. The meeting notice is enclosed. All underlying documentation and user guide for the online meeting is available at  This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.   Attachment

 PRESS RELEASE

Lerøy Seafood Group ASA: Innkalling til ordinær generalforsamling

Lerøy Seafood Group ASA: Innkalling til ordinær generalforsamling Ordinær generalforsamling i Lerøy Seafood Group ASA avholdes 28. mai 2024 klokken 10.00 som online møte.  Innkallingen med dagsorden til generalforsamlingen er vedlagt. Samtlige vedlegg til innkallingen og brukerveiledning for online møtet er tilgjengelig på Lerøy sin hjemmeside  Disse opplysningene er informasjonspliktige etter verdipapirhandelloven § 5-12.     Vedlegg

Alexander Aukner
  • Alexander Aukner

Bakkafrost (Hold, TP: NOK590.00) - Q1 beat driven by Faroes

Q1 operating EBIT was DKK710m, 5–7% above our estimate and consensus, with the beat mainly driven by Faroes Farming. Management comments suggest a continued strong biological performance in the sea for Faroes Farming in Q2. The 2024 harvest guidance was unchanged at 66kt from the Faroes and 25kt from the UK. We expect consensus 2024 EPS to come up 0–2% and a similar share price reaction today.

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun
ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

If it's too good to be true, it usually is

Salmon prices higher on another blow to '24e supply, but farmers struggling to reap the benefits due to weak biology. Valuation not demanding, but more mixed triggers short term.

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

As good as it gets – down to SELL

Q1e EBIT of DKK 664m (-2% vs. comp.any-collected consensus). '24e/'25e EBIT up 1%/3%, still 6%-13% below consensus. Unattractive valuation and sentiment to turn: SELL (Hold).

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Catching its breath - down to HOLD

We estimate Q1 EBIT of NOK 1,650m (-4% vs. FactSet cons). '24e EBIT -7% as weak biology offsets higher spot prices. Limited upside after share price rally; down to HOLD.

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Close to the inflection point

Q1'24e EBIT of NOK 232m (FactSet cons. NOK 293m). Inflection point biology-wise in H2 supports '25e-26e growth. BUY on '25e P/E of 9x and pot. upside from strategic review.

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Improved visibility on Peruvian comeback

Q1e EBIT (core) of NOK 995m, -4% vs. FactSet cons. '24e/'25e EBIT -4%/+1%, largely driven by LSG. '24e P/E of 8x screens attractively; BUY, TP NOK 114 (106).

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Slow start to an exciting year

We estimate Q1 EBIT of NOK 774m (-10% vs. FactSet consensus). '24e EBIT -5% as biological issues offset higher spot prices. Patience is a virtue: '24-25e PE 10x-9x – BUY, TP NOK 65 (59).

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Valuation remains attractive

Q1e EBIT of EUR 201m, as pre-announced. '24e EBIT down 8% on weak biology and soft US prices. Sector top-pick at '24e-25e P/E of 13x-11x (5Y-avg. 16x).

 PRESS RELEASE

Mowi ASA (OSE:MOWI): Presentation of Q1 2024 results 8 May 2024 at 08:...

Mowi ASA (OSE:MOWI): Presentation of Q1 2024 results 8 May 2024 at 08:00 (CET) Mowi ASA hereby invites you to the presentation of the results for the first quarter 2024 at Høyres Hus, Stortingsgata 20, 0117 Oslo, Norway. The results will be presented in English through a live webcast followed by a Q&A session. Participants will have the opportunity to submit questions online throughout the webcast session. The webcast will be available on A recording of the webcast will be made available on our website immediately afterwards. Please note that the quarterly report and presentation will b...

 PRESS RELEASE

Lerøy Seafood Group ASA: Key information relating to the cash dividend...

Lerøy Seafood Group ASA: Key information relating to the cash dividend to be paid by Lerøy Seafood Group ASA Dividend amount: NOK 2.5 per shareDeclared currency: NOKLast day including right: 28 May 2024Ex-date: 29 May 2024Record date: 30 May 2024Payment date: 5 June 2024Date of approval: 28 May 2024 This information is published in accordance with the requirements of the Oslo Børs Rule Book II section 4.2.4 (1) no. 3.  

 PRESS RELEASE

Lerøy Seafood Group ASA: Annual report for 2023

Lerøy Seafood Group ASA: Annual report for 2023 Please find attached Lerøy Seafood Group ASA's annual report for 2023. The annual report is also attached in a machine-readable format according to ESEF (European Single Electronic Format). As part of the group’s integrated reporting, an overview of priorities, measurements, and targets within environment, social and governance (“ESG”) is included. The Board of Directors has proposed a dividend payment of NOK 2.50 per share for distribution in 2024. Key dates are set out in a separate stock exchange announcement. ...

 PRESS RELEASE

Lerøy Seafood Group ASA: Årsrapport for 2023

Lerøy Seafood Group ASA: Årsrapport for 2023          Vedlagt følger årsrapport for Lerøy Seafood Group ASA for 2023. Som del av konsernets integrerte rapportering inneholder årsrapporten en oversikt over fokusområder, måleindikatorer og mål innen miljø, samfunnsmessig og finansiell bærekraft (ESG). Årsrapporten er også vedlagt i et maskinlesbart format i tråd med ESEF (European Single Electronic Format).  Styret har foreslått et utbytte til utbetaling i 2024 på NOK 2,50 per aksje. Det vises til egen børsmelding med relevante datoer. ...

 PRESS RELEASE

Mowi ASA – Successful placement of new senior unsecured green bonds

Mowi ASA – Successful placement of new senior unsecured green bonds Bergen, 25 April 2024 – Reference is made to the stock exchange notice from 22 April 2024. Today, Mowi ASA (rated BBB+/Stable by Nordic Credit Rating) has successfully issued a total of NOK 3,500 million (EUR 298 million) of new senior unsecured green bonds split between two tranches. NOK 2,500 million (EUR 213 million) has been issued with a tenor of 5 years and a coupon of 3-month Nibor + 1.13% margin p.a., and NOK 1,000 million (EUR 85 million) has been issued with a tenor of 8 years and a fixed coupon of 3-month Nibor +...

 PRESS RELEASE

Mowi ASA – Green Bond Mandate Announcement and Fixed Income Investor M...

Mowi ASA – Green Bond Mandate Announcement and Fixed Income Investor Meetings Bergen, 22 April 2024 – Reference is made to the stock exchange notice published 26 March 2024 where Mowi announced the assignment of a BBB+ investment grade rating with stable outlook from Nordic Credit Rating. Mowi has mandated Danske Bank (Green Bond Advisor), DNB Markets, Nordea and SEB as Global Coordinators and Joint Lead Managers, and ABN AMRO, Crédit Agricole Corporate and Investment Bank and Rabobank as Joint Lead Managers to arrange a series of physical and virtual fixed income investor meetings commenc...

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