Higher guidance, 15% beat on Q1 EBIT

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.

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).

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Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Pandora (Buy, TP: DKK1400.00) - Likely strong start to the year

Driven by strong brand momentum, increased investments and phased network expansion, we expect Pandora to have seen a strong start to the year (Q1 results due at 07:30 CET on 2 May). We forecast c15% organic growth YOY for Q1 (consensus c12%) and, as flagged by the company, a subdued EBIT margin due to investments. We continue to regard the full-year guidance as conservative (as has tended to be the case) and believe it could be updated with the results. We reiterate our BUY and DKK1,400 target ...

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Coloplast (Buy, TP: DKK1050.00) - Awaiting an acceleration in H2e

We forecast Q2 organic revenue growth of 7.6% YOY (in line with consensus), driven by the Chronic Care business segments, and an EBIT margin before special items of 27.6% (consensus 27.5%). We continue to expect QOQ improvements for the coming quarters. We expect the 2023/24 guidance to be unchanged for c8% organic revenue growth, and a 27–28% EBIT margin before special items. We reiterate our BUY, and have raised our target price to DKK1,050 (1,000).

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Bakkafrost (Hold, TP: NOK590.00) - Strong Q1e coming up

We expect Q1 operating EBIT of DKK666m (8% above consensus of DKK615m), driven by higher harvest volumes, as EBIT/kg margins are broadly in line (our estimated group EBIT/kg is DKK30.8 versus consensus of DKK31.2). Faroe Islands harvested 14.3kt in Q1 and we expect solid average harvest weights, while Scotland harvested 7.3kt. We expect high superior shares in both regions. For the Fishmeal, Oil and Feed segment, we expect EBIT of DKK162m, in line with consensus of DKK164m. The Q1 report is due ...

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Pandora (Buy, TP: DKK1400.00) - Beyond charming

Following a closer look, we continue to believe Pandora is positioned for strong growth. Short-term, we expect easier comparables and a market recovery; longer-term, its strategy to become known as a full jewellery company, rather than just its charms, should drive sustainably higher growth (the ‘new Pandora’). We reiterate our BUY and have raised our target price to DKK1,400 (1,150).

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Scandi Standard AB: 1 director

A director at Scandi Standard AB bought 100,000 shares at 68.777SEK and the significance rating of the trade was 93/100. 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 c...

The quality report

Knowing who has the best farming locations, production areas and operations is key to assessing future performance potential. Our extensive asset quality research findings suggest SalMar has the best sites, and the best MAB portfolio, while Mowi has outperformed its benchmark the most and has the most conservative estimates versus our expectations. Grieg Seafood is the most undervalued and Lerøy Seafood has the highest margin rebound potential in our view.

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2024

We host our 8th ODDO BHF TMT Forum virtually in 07th and 08th March 2024. In total, 46 companies will be presenting during the forum. In the following note, we provide some initial feedback of companies on day 1. - ...