Swedish Match AB: 1 director

A director at Swedish Match AB sold 37,500 shares at 116.000SEK and the significance rating of the trade was 87/100. 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 years clear...

Norway Royal Salmon - Terminating coverage

ABG ceases coverage of Norway Royal Salmon BUY is our final recommendation NOK 163 is our final target price

Norway Royal Salmon (No_rec, TP: NOK) - Discontinuing coverage

We have discontinued coverage of Norway Royal Salmon. Our last published recommendation, target price and estimates should no longer be relied upon.

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Sector Fast Comment - SalMar gets NTS, while Mowi gets Arctic Fish

SalMar gets green light for the NTS/NRS deal… …but has to let Arctic Fish go to Mowi at a fair price SALM: a stretched balance sheet in an uncertain world

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Sector Report - When the storm calms, you go fishing

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Sector Fast Comment - Result of Norwegian license auction

75% of ’22 traffic light licenses sold, avg. NOK 126m/lic. None of the listed companies purchased capacity Downside risk to industry and listed companies’ growth

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Resource tax unveiled

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...

Resource tax unveiled

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...

Sector Fast Comment - Norway: Resource tax on farming proposed

Government proposes 40% resource tax on profits Significantly reduces farmers’ normalised earnings Significant risk of worst-case scenario

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Northern Lights

Norway Royal Salmon (Hold, TP: NOK255.00) - A challenging quarter

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.

Norway Royal Salmon - Annus horribilis, but the potential is there

‘22e EBIT -9% on knock-on effects from biology issues Structural initiatives to lift volumes and lower bio. risk Valuation linked to implied pricing in SALM merger

Norway Royal Salmon - Q2: Operational EBIT (core) -16% below cons

Q2 EBIT (core) -16% below cons on weaker margins Reiterates FY’22 volumes, but softer short-term outlook Expect cons ’22e EBIT lower, but merger still main focus