reports
- Alexander Aukner
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
Correction: SalMar - Q4 2024 Trading Update
Correction: SalMar - Q4 2024 Trading Update *Incorrect volume on Iceland in previous message. Consolidated harvest volumes in Q4 2024 are:Farming Central Norway: 39.7Farming Northern Norway: 27.7SalMar Aker Ocean: 0Icelandic Salmon: 6.5Total: 73.8 All figures in 1,000 tgw. The full Q4 2024 report will be released on Tuesday 18 February 2025 at 06:30 CET, the following presentation will be available through Norwegian webcast at 08:00 CET and English webcast (recording) at 10:00 CET. For more information, please contact:Håkon Husby Head of Investor RelationsTel: +47 936 30 449 Email: ...
SalMar – Q4 2024 Trading update
SalMar – Q4 2024 Trading update Consolidated harvest volumes in Q4 2024 are:Farming Central Norway: 39.7Farming Northern Norway: 27.7SalMar Aker Ocean: 0Icelandic Salmon: 1.5Total: 73.8 All figures in 1,000 tgw. The full Q4 2024 report will be released on Tuesday 18 February 2025 at 06:30 CET, the following presentation will be available through Norwegian webcast at 08:00 CET and English webcast (recording) at 10:00 CET. For more information, please contact:Håkon Husby Head of Investor RelationsTel: +47 936 30 449 Email: This information is subject of the disclosure requirements purs...
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
SalMar (Buy, TP: NOK690.00) - Below consensus for Q4e
Our below-consensus trend continues, having adjusted Q4e for a lower spot price. We estimate operating EBIT of NOK1,276m, ~22% below consensus of NOK1,627m. While we have reduced our price forecasts, we have raised the superior share and the margin in VAP and Sales. We reiterate our BUY and NOK690 target price. The Q4 results are due at 06:30 CET on 18 February.
- 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
- Patrik Ling
Arjo (Hold, TP: SEK37.00) - Expecting more of the same
We forecast c3% organic growth YOY in Q4, similar to consensus, and a gross margin in line with the guidance (the report is due at 07:00 CET on 30 January). The UK has now published a 2025 healthcare budget, but Arjo is still being affected by issues with national spending plans in several other markets. We reiterate our HOLD but have trimmed our target price to SEK37 (40).
SalMar - 2024 share-based incentive scheme for senior executives and k...
SalMar - 2024 share-based incentive scheme for senior executives and key personnel In accordance with the authorization granted by the AGM on 6 June 2024, the board of directors of SalMar ASA has decided to establish a share-based incentive scheme (Restricted Share Unit Plan) for senior executives and key personnel employed by the company and its subsidiaries. The scheme encompasses up to 300 000 shares and has a duration of three years. The company's liability with respect to the scheme will be met through existing holdings of treasury shares. As of 19 December 2024, SalMar ASA holds 114 5...
SalMar - Aksjebasert incentivprogram 2024 for ledende ansatte og nøkke...
SalMar - Aksjebasert incentivprogram 2024 for ledende ansatte og nøkkelpersoner I henhold til fullmakt fra selskapets generalforsamling 6. juni 2024, har styret i SalMar ASA vedtatt et aksjebasert incentivprogram (Restricted Share Unit Plan) for ledende ansatte og nøkkelpersoner i selskapet og dets datterselskaper. Planen omfatter inntil 300 000 aksjer og har en varighet på tre år. Selskapets forpliktelse i henhold til planen vil dekkes av selskapets eksisterende beholdning av egne aksjer. Per 19. desember 2024 har SalMar ASA en beholdning på 114 554 egne aksjer. Formålet med det aksjebas...
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- 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
- Alexander Aukner
Bakkafrost (Hold, TP: NOK665.00) - Large fish premium in Q4e
Due to jellyfish and sea lice challenges in Q4, harvest weights from Norway are record low QTD. There is a significant price premium for large fish, which Bakkafrost looks set to capitalise on. We expect operating EBIT of DKK402m, c9% above consensus. We have raised our 2024e EPS by 2.8%, and our target price to NOK665 (660), but reiterate our HOLD.
- 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
- Douglas Lindahl
Systemair (Hold, TP: SEK105.00) - Closing in on margin target
Q2 2024/25 brought another strong adj. EBIT margin, and the CEO remains confident in overall market conditions. We have raised our 2024/25–2026/27e adj. EBIT by c8% on average, and our target price to SEK105 (85) dafter updating our valuation metrics. However, Systemair tends to see some performance volatility quarter to quarter (partly due to its project nature), and the stock is still trading above historical average multiples; with limited upside potential, we reiterate our HOLD.
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