reports
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
Capital Markets Day: Mowi is positioning itself for continued volume g...
Capital Markets Day: Mowi is positioning itself for continued volume growth and further cost improvement (Bergen, 26 September 2024) Mowi is today hosting a Capital Markets Day where the company presents its plans for continued volume growth from 500,000 tonnes to 600,000 tonnes in its farming division as well as further cost improvement in the order of EUR 300-400 million. The world’s largest farmer and value-added processer of salmon, Mowi, today hosts a Capital Markets Day in Trøndelag, Norway, where the company is presenting its plans and strategy to cement its leading position in the ...
Kapitalmarkedsdag: Mowi rigger seg for videre volumvekst og ytterliger...
Kapitalmarkedsdag: Mowi rigger seg for videre volumvekst og ytterligere kostnadsforbedringer (Bergen, 26. september 2024) I dag arrangerer Mowi sin kapitalmarkedsdag hvor selskapet presenterer planer om videre volumvekst for havbruksvirksomheten fra 500 000 tonn til 600 000 tonn, samt ytterligere kostnadsforbedringer i størrelsesorden 300-400 millioner euro. Verdens største oppdretter og videreforedler av laks, Mowi, arrangerer i dag sin kapitalmarkedsdag på Fosen i Trøndelag. Der presenterer selskapet sin strategi og planer de neste årene for å styrke posisjonen som ledende i næringen. –...
- ABGSC Strategy Research
- Bengt Jonassen
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
Introduction to the salmon sector
This report provides an overview of the dynamics, companies, history, challenges and opportunities of the salmon farming industry. Biological challenges and stricter regulations over the past decade have curbed the supply of salmon, a globally consumed product with a strong ESG angle. Significant infrastructure investments made by the companies to solve these challenges have not yet yielded materially higher supply, leading to continued high salmon prices. Despite higher EBIT margins the sector ...
- 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: NOK60.00) - Materially below consensus on Q3e
With spot prices trending below our estimates QTD, significant sea-lice pressure and a still-low shielding technology harvest share, we have cut our 2024e EPS by 5.8%. We expect Q3 operating EBIT of NOK553m, some 28% below consensus of NOK773m (results due at 06:30 CET on 14 November). We reiterate our BUY and NOK60 target price on a low absolute valuation and our expectation of material margin improvements from shielding in 2025–2026.
- Alexander Aukner
Mowi (Buy, TP: NOK235.00) - CMD coming up
With spot prices in Europe and the US trading below our forecasts, we have reduced our Q3 estimates, expecting operating EBIT of EUR184m, c15% below consensus of EUR216m. At the CMD scheduled for 26 September in Norway, we expect focus to be on medium-term organic growth opportunities and cost control. We have trimmed our 2024–2026e EPS by 1.9–2.1%, and reiterate our BUY and NOK235 target price.
SalMar - Extension of Commercial Paper
SalMar - Extension of Commercial Paper Reference is made to the stock exchange notice sent Tuesday 10 September 2024.SalMar ASA (rated BBB+ by Nordic Credit Rating) has completed a NOK 500,000,000 tap issue of its commercial paper NO0013334847 to a total outstanding amount of NOK 1 bn. Settlement date: 13 September 2024 Maturity date: 13 March 2025 Coupon: 5.13 % p.a. Manager: DNB Markets For more information, please contact:Håkon Husby Head of Investor RelationsTel: +47 936 30 449 Email: This information is subject of the disclosure requirements pursuant to section 5-12 of the Nor...
SalMar - Utvidelse av sertifikatlån
SalMar - Utvidelse av sertifikatlån Viser til børsmelding sendt tirsdag 10. september 2024. SalMar ASA (med rating BBB+ by Nordic Credit Rating) har fullført en NOK 500 000 000 utvidelse av sitt sertifikat NO001333484 til et totalt utestående beløp på NOK 1 milliard. Innbetalingsdato: 13. september 2024Forfall: 13. mars 2025Kupong: 5,13 % p.a.Tilrettelegger: DNB Markets For mer informasjon, kontakt: Håkon HusbyHead of Investor RelationsTel: +47 936 30 449 Email: Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12.
SalMar - Issuance of Commercial Paper
SalMar - Issuance of Commercial Paper SalMar ASA (rated BBB+ by Nordic Credit Rating) has issued a new commercial paper of NOK 500,000,000. Issue date: 13 September 2024 Maturity date: 13 March 2025 Coupon: 5.13 % p.a. Manager: DNB Markets For further information, please contact: Håkon Husby, Head of Investor Relations Tel: Email: (mailto: ) About SalMarSalMar is one of the world's largest and most efficient producers of salmon. The Group has farming operations in Central Norway, Northern Norway and Iceland, as well as substantial harvesting and secondary processing operations. In ad...
SalMar - Emisjon av sertifikatlån
SalMar - Emisjon av sertifikatlån SalMar ASA (med rating BBB+ fra Nordic Credit Rating) har i dag emittert et nytt sertifikatlån pålydende NOK 500 000 000. Innbetalingsdato: 13. september 2024 Forfall: 13. mars 2025 Kupong: 5,13 % p.a. Tilrettelegger: DNB Markets For mer informasjon, vennligst kontakt: Håkon Husby, IR-ansvarlig Tlf: E-post: () Om SalMarSalMar er en av verdens største og mest effektive produsenter av laks. Konsernet har oppdrettsaktivitet i Midt-Norge, Nord-Norge og på Island, med en betydelig slakteri- og videreforedlingsaktivitet. I tillegg driver selskapet lakseoppd...
- Alexander Aukner
Lower tax proposed
The largest opposition party (Høyre) has launched a new draft proposal for its next parliamentary election programme. One of the suggestions is a lower and less bureaucratic resource tax. In the event of a 15% resource tax (down from 25%), we calculate the following preliminary 2025–2026e EPS impacts on the companies we cover: Grieg Seafood (15%), SalMar (12%), Lerøy Seafood (9%), Måsøval (8%), Mowi (7%), and Bakkafrost (0%). While this is only a proposal, we believe it will likely materially li...
Grieg Seafood ASA (OSE: GSF) - Fixed Income Investor Calls
Grieg Seafood ASA (OSE: GSF) - Fixed Income Investor Calls Grieg Seafood ASA has mandated DNB Markets and Nordea as Global Coordinators and Green Bond Advisors and ABG Sundal Collier as Joint Bookrunner to arrange a series of fixed income investor calls commencing on 9 September 2024. Subject to, inter alia, market conditions, a NOK denominated senior unsecured green bond issue with a 4-year tenor may follow. In conjunction with the contemplated bond issue, Grieg Seafood ASA will offer a conditional buyback in GSF01 ESG. For further information, please contact:Atle Harald Sandtorv, ...
- 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
SalMar (Buy, TP: NOK690.00) - Below consensus for Q3e
We forecast Q3 operating EBIT of NOK1,050m, c18% below consensus. Spot prices have trended lower than expected QTD and we find consensus for Central region’s margin too high. SalMar Central has probably been affected by high sea-lice pressure, but it normally manages choppy waters better than peers. We expect the Sales and Processing margin to improve QoQ as volumes increase. We reiterate our BUY and NOK690 target price.
- Alexander Aukner
Grieg Seafood (Buy, TP: NOK69.00) - Clear potential trigger
Following the profit warning, we forecast Q3 operating EBIT of NOK-218m, below consensus of NOK-167m. In our opinion, the case hinges on Grieg Seafood reducing capex and improving the balance sheet by either selling the Canadian operations or entering a partnership (guided to be concluded by end-Q3/early-Q4). We reiterate our BUY and NOK69 target price and believe a Canada announcement could be a share-price trigger.
Mowi ASA: Primary insider purchase shares
Mowi ASA: Primary insider purchase shares Ivan Vindheim, CEO in Mowi ASA, has on 30 August 2024 purchased 5,422 shares in Mowi ASA at a price of NOK 184.38 per share. Following the transaction, Ivan Vindheim owns 13,325 shares in Mowi ASA. This information is subject of the disclosure requirements pursuant to section of 4-2 of the Norwegian Securities Trading Act. Attachment
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
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