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Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
03/27/20 March 27, 2020 36 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
03/20/20 March 20, 2020 38 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
03/16/20 March 16, 2020 36 EN
Alexander Aukner
  • Alexander Aukner
Free Trial
LSG Leroy Seafood G...
AUSS Austevoll Seafo... ... (+9)

A relative safe haven

We see the seafood sector as a relative ‘safe haven’, with an average 55% equity ratio and 1x NIBD/EBITDA by end-2020e. We have cut our average 2020e EPS by 22%, but only by 7% for 2021e. Even in a scenario with breakeven prices over 12 months, we believe seafood stocks should be able to pull though. We expect a V-shaped demand recovery for food, despite a potentially U-shaped recovery for the economy as a whole. The share price drop reflects the most bearish scenario in our view, and we hav...

LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
03/15/20 March 15, 2020 143 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
03/06/20 March 6, 2020 34 EN
Alexander Aukner ... (+5)
  • Alexander Aukner
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Stefan Gauffin
NOVO B NOVO NORDISK A/S CLASS B
VITIF VITROLIFE AB
TELIA TELIA COMPANY AB
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
03/04/20 March 4, 2020 17 EN
Alexander Aukner
  • Alexander Aukner
Free Trial
SALMON Salmones Camanc...

Salmones Camanchaca (Buy, TP: NOK82.00) - Strong finish to the year

Salmones Camanchaca reported Q4 operational EBIT of USD34.3m, c34–25% above our estimates and consensus, driven by higher volumes, higher realised prices, and lower costs. Harvest guidance for 2020 was set at 60–62kt, in-line with previous guidance. We have increased our 2020–2022e EPS by 2.2–11.2%, driven by higher expected realised prices and more even harvest volumes through the year. We reiterate our BUY and NOK82 price target.

SALMON SALMONES CAMANCHACA
03/03/20 March 3, 2020 16 EN
Anders Idborg ... (+3)
  • Anders Idborg
  • Martin Kaland
  • Olof Cederholm
PREMIUM
SAND SANDVIK AB
TREL B Trelleborg AB C... ... (+3)

Talking Points - Sandvik (Buy): Entry point is right for an eventful 2...

EBIT -4% on H1 demand shortfall, but limited indirect risk SMT spin and new CEO ambitions to support

SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
SALMON SALMONES CAMANCHACA
03/03/20 March 3, 2020 5 EN
Martin Kaland
  • Martin Kaland
PREMIUM
SALMON Salmones Camanc...

Salmones Camanchaca - Showing its potential

Impressive quarter prompts us to raise underlying EBIT Higher risk during summer in Chile, but so far so good Excessively large discount to Norwegian peers, BUY

SALMON SALMONES CAMANCHACA
03/02/20 March 2, 2020 13 EN
Alexander Aukner
  • Alexander Aukner
Free Trial
LSG Leroy Seafood G...
AUSS Austevoll Seafo... ... (+9)

Cost of potential conversion to closed containment in the sea

With mounting environmental focus on salmon farming, some regions are already investigating a technological shift towards closed containment or land-based farming. Such alternatives are often viewed as unrealistic due to the high cost and unproven track record. Although the technologies have their limitations, this report includes our analysis of the costs of converting to closed containment in Norway.

LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
03/01/20 March 1, 2020 27 EN
Martin Kaland
  • Martin Kaland
PREMIUM
SALMON Salmones Camanc...

Salmones Camanchaca - A picture-perfect Q4, EBIT +55% vs cons

Q4’19 EBIT 55% above cons. on strong margins ‘20 volume guidance unchanged from trading update Expecting consensus ‘20e EBIT up 2-10% on margins

SALMON SALMONES CAMANCHACA
03/01/20 March 1, 2020 6 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
02/28/20 February 28, 2020 39 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
02/21/20 February 21, 2020 35 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
02/14/20 February 14, 2020 35 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
02/07/20 February 7, 2020 35 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
02/04/20 February 4, 2020 8 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
02/03/20 February 3, 2020 37 EN
Martin Kaland
  • Martin Kaland
PREMIUM
LSG Leroy Seafood G...
AUSS Austevoll Seafo... ... (+8)

Sector Report - Susceptible to negative surprises

ABGSCe EBIT is 3% above consensus Est. changes: ‘19e EBIT up 2%, ‘20e EBIT up 11% TP of NOK 115 (115) - We reiterate BUY

LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
01/30/20 January 30, 2020 123 EN
Martin Kaland
  • Martin Kaland
PREMIUM
SALMON Salmones Camanc...

Salmones Camanchaca - Still some upside left after recent recovery

Q4’19e EBIT: 4% below consensus ‘19e EBIT down 9%, ‘20e EBIT up 8% Reiterate BUY, TP 85 (80)

SALMON SALMONES CAMANCHACA
01/30/20 January 30, 2020 12 EN
Alexander Aukner
  • Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
NRS NORWAY ROYAL SALMON ASA
BAKKA BAKKAFROST P/F
SALMON SALMONES CAMANCHACA
ASAME ATLANTIC SAPPHIRE
01/25/20 January 25, 2020 35 EN
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