On 28 September, the Norwegian government took the market by surprise, unveiling a proposal to extend the resource tax to fish farming from 2023, increasing tax rate from 22% to 62%. We have cut our estimates to reflect our understanding of the proposal and increased cost of equity (COE) for most of the companies in this report. While we believe sector fundamentals remain favourable, uncertainty in terms of estimates has never been higher. Lerøy Seafood and Austevoll Seafood are our top sector p...
On 28 September, the Norwegian government took the market by surprise, unveiling a proposal to extend the resource tax to fish farming from 2023, increasing tax rate from 22% to 62%. We have cut our estimates to reflect our understanding of the proposal and increased cost of equity (COE) for most of the companies in this report. While we believe sector fundamentals remain favourable, uncertainty in terms of estimates has never been higher. Lerøy Seafood and Austevoll Seafood are our top sector p...
Norway Royal Salmon reported operating EBIT of NOK16m, compared to our estimate of NOK34m and consensus of NOK17m. The miss was driven by higher-than-expected losses in the Sales segment related to fixed-price contracts and by biological challenges. The company cut its 2022 harvest volume guidance by 2kt, to 30kt, and reduced its guidance for 2023. We reiterate our HOLD, and have cut our target price to NOK255 (265) to reflect a lower share price for SalMar.
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