reports
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
Bakkafrost (Hold, TP: NOK600.00) - Another strong quarter
We estimate Q2 operating EBIT of DKK658m, 3% above consensus of DKK642m, and a still-healthy group EBIT/kg of NOK39, down from NOK50 in Q1. We expect a materially higher contribution from Scotland, while Faroe farming is set to be hit by a diminishing size premium versus Q1. We have made minor 2024–2026e EPS revisions, and reiterate our HOLD and NOK600 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
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
SalMar (Hold, TP: NOK690.00) - Below consensus on Q2e
We forecast Q2 operating EBIT of NOK1,468m, ~17% below consensus of NOK1,760m, driven by a higher share of downgrades and a lower realised price in the Northern region (results due at 06:30 CET on 20 August). There are some outliers in consensus, but a large number of participants expect NOK1.600m, 8% below our estimate. We have reduced our 2024e EPS by 3.6%, but largely maintained our 2025–2026e. We reiterate our HOLD and NOK690 target price.
- Alexander Aukner
Lerøy Seafood (Hold, TP: NOK55.00) - Below consensus on Q2e
We estimate Q2 operating EBIT of NOK872m (results due at 06:30 CET on 21 August), 15% below consensus of NOK1,030m, where two-thirds of the deviation stems from lower harvest volumes in Lerøy Aurora. We have reduced our 2024e EPS by 5.1%, but raised 2025–2026e by 4.1-3.6%, following our increased forecasts for farming volumes. We reiterate our HOLD and NOK55 target price on the falling spot price and our reduced Q2e.
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- 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
Mowi ASA (OSE: MOWI): Share option scheme for senior executives and al...
Mowi ASA (OSE: MOWI): Share option scheme for senior executives and allocation of options 2024 At Mowi ASA’s (the “Company”) annual general meeting (“AGM”) on 30 May 2024 the Board of Directors was authorised to grant options under the Share Option Scheme to Senior Executives, as described in Mowi’s guidelines for remuneration of leading personnel (the “Guidelines”). On 19 June 2024 the Board of Directors granted 1.71 million options at a strike price of NOK 201.6120, corresponding to 107.5% of the volume weighted average share price on the Oslo Stock Exchange at the date of the AGM, to a t...
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
Update on license renewals in Canada West (British Columbia)
Update on license renewals in Canada West (British Columbia) Yesterday evening the Government of Canada announced a new 5 year licensing period to 30 June 2029 as well as a policy to move-away from traditional marine salmon farms in the province of British Columbia. The government proposes to move BC salmon farms to closed-containment systems or onto land. Further details including a draft plan for the required transition are to be announced by the end of July 2024 and will be followed by another period of consultation. The unfortunate announcement comes despite our efforts to pave the way...
Grieg Seafood ASA: Ex-dividend NOK 1.75 per share today
Grieg Seafood ASA: Ex-dividend NOK 1.75 per share today Issuer: Grieg Seafood ASA Ex-date: 20 June 2024 Dividend per share: 1.75 Nominated currency: NOK This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Grieg Seafood ASA: Update on BC transition plan and license renewal
Grieg Seafood ASA: Update on BC transition plan and license renewal Reference is made to the press release from Fisheries and Oceans Canada on 19 June 2024. The Government of Canada announced a ban on open net-pen salmon aquaculture in British Columbia coastal waters by 30 June 2029. Fisheries and Oceans Canada further announced salmon aquaculture licenses will be renewed for five years with stricter conditions, effective 1 July 2024. After this date only marine or land-based closed-containment systems will be considered for new licenses. Based on the announced plan, Grieg Se...
Grieg Seafood ASA: Annual general meeting
Grieg Seafood ASA: Annual general meeting The annual general meeting of Grieg Seafood ASA was held today, Wednesday 19 June 2024 at 10:00 am CEST. All agenda items were resolved as proposed in the annual general meeting notice.Please find attached both a Norwegian and an English version of the minutes of the annual general meeting. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Attachments
- Alexander Aukner
Mowi (Buy, TP: NOK235.00) - Q2e: broadly in line with consensus
We expect Q2 operating income of EUR269m, c4% below consensus at EUR281m; the deviation largely seems to be explained by the Canadian and Chilean operations. Overall, the demand response following the recent decline in the spot price is likely to be the main focus in the report (due at 06:30 CET on 21 August). After tweaking our 2024–2026e EPS, we reiterate our BUY and NOK235 target price.
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