reports
- 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
Mowi (Buy, TP: NOK235.00) - Q1 EBIT miss, but worst looks over
Mowi reported Q1 operating EBIT of EUR201m, versus our estimate of EUR234m and consensus of EUR230m, which had been lowered from ~EUR270m a few months ago. Profit warnings from peers and available market data suggested fish downgrades in Norway would be an issue, but were actually more than we expected. However, the worst seems over, and while we have cut our Q1–Q2e earnings from Norway, and 2024e EPS by 3.3%, we reiterate our BUY and NOK235 target price.
SalMar – Integrated annual report 2023
SalMar – Integrated annual report 2023 With reference to the stock exchange notice regarding board approval of final 2023 year-end financial statement on Friday 12 April 2024. Please find attached the 2023 integrated Annual report, including sustainability reporting, for SalMar ASA. The company publishes its annual financial statements also in European Single Electronic Format (ESEF), available as an attachment to this release. On SalMar's website, the renumeration report, TCFD report, GRI index and green bond report for 2023 are also published. For more information, please contact:Håkon...
Mowi ASA (OSE:MOWI): Q1 2024 Trading update
Mowi ASA (OSE:MOWI): Q1 2024 Trading update Harvest volumes Q1 2024 (1) Farming Norway55.0 thousand tonnesFarming Scotland14.5 thousand tonnesFarming Chile12.5 thousand tonnesFarming Canada8.5 thousand tonnesFarming Ireland1.0 thousand tonnesFarming Faroes2.5 thousand tonnesFarming Iceland (Arctic Fish)2.5 thousand tonnesTotal96.5 thousand tonnes Note:(1) The harvest volumes are provided in gutted weight equivalents (GWE). Additional information Operational EBIT for the Group was approximately EUR 201 million in Q1 2024. Blended farming cost was EUR 6.05 per kg in the quarter. Issues w...
- Alexander Aukner
Austevoll Seafood (Buy, TP: NOK108.00) - Set for Peruvian rebound
We expect Q1 EBITDA of NOK1,528m, largely in line with consensus for NOK1,496m (results due at 07:00 CET on 15 May). Ahead of the report we have increased our Q1 EBITDA estimates for Lerøy Seafood and Foodcorp. The first season quota in Peru was 2.5mt, above our estimate of 2.0mt; while some uncertainty remains for catch rates, the proportion of juvenile fish and fat content, we expect more information with the Q1 report. Nevertheless, a normalisation in Peru through 2024 is set to benefit the c...
SalMar - Key information relating to the cash dividend to be paid by S...
SalMar - Key information relating to the cash dividend to be paid by SalMar ASA Dividend amount: 35.0 per shareDeclared currency: NOK Last day including right: 06.06.2024Ex-date: 07.06.2024Record date: 10.06.2024Payment date: On or about 20.06.2024Date of approval: 06.06.2024 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 Norwegian Securities Trading Act.
SalMar - Final year-end financial statements for 2023 approved by the ...
SalMar - Final year-end financial statements for 2023 approved by the board of directors 12 April 2024, the board of directors of SalMar ASA has reviewed and approved the final year-end financial statements for 2023. Final accounts and proposed dividend of NOK 35 per share are not altered from preliminary figures published on 15 February 2024. Should the AGM resolve to pay a dividend, shares in SalMar ASA will be traded ex-dividend of NOK 35 per share from 7th of June 2024. The Annual Report for 2023, including the Report of Board of Directors, sustainability report, financial statements ...
- 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 (Hold, TP: NOK690.00) - Q1 trading update
SalMar released its Q1 trading update on 10 April, revealing higher harvest volumes than we expected in the Central region, but lower in the North. The company also reiterated that it had been negatively affected by string jellyfish in the Northern region in Q1, hurting superior share and harvest weights more than we had previously expected. We have cut our Q1 estimates by 11% following the trading update and expect operating EBIT of NOK1,609m, 13% below consensus. The full report is due at 06:3...
SalMar – Q1 2024 Trading update
SalMar – Q1 2024 Trading update Consolidated harvest volumes in Q1 2024 are:Farming Central Norway: 27.8Farming Northern Norway: 17.5SalMar Aker Ocean: 4.8Icelandic Salmon: 2.8Total: 52.9 Alle figures in 1,000 tgw. As previously communicated, the impact of string jellyfish has resulted in low superior share and average size on the fish harvested in Northern-Norway in the quarter. The full Q1 2024 report will be released on 14 May 2024 at 06:30 CEST, the following presentation will be available through Norwegian webcast at 08:00 CEST and English webcast (recording) at 10:00 CEST. For mo...
SalMar – Q1 2024 Trading update
SalMar – Q1 2024 Trading update Konsolidert slaktevolum for Q1 2024 ble:Oppdrett Midt-Norge: 27,8Oppdrett Nord-Norge: 17,5SalMar Aker Ocean: 4,8Icelandic Salmon: 2,8Totalt: 52,9 Alle tall i 1 000 tgw. Som tidligere kommunisert har påvirkning fra perlesnormaneter medført at det er lav superiorandel og snittvekt på fisken som er slaktet i Nord-Norge i kvartalet. Fullstendig rapport for Q1 2024 vil bli offentliggjort 14. mai 2024 klokken 06:30 CEST, og den påfølgende presentasjonen vil være tilgjengelig via norsk webcast klokken 08:00 CEST og engelsk webcast (opptak) klokken 10:00 CEST. F...
- Alexander Aukner
Grieg Seafood (Buy, TP: NOK80.00) - Approaching end of spiro harvest
Grieg Seafood’s Finnmark operations have been plagued by reduced prices and high costs due to the spiro parasite in recent quarters. It guides for the last spiro fish to be harvested in Q2. We estimate Q1 operating EBIT of NOK337m (consensus NOK334m). We have cut our 2024e EPS by 17.7%, due to lower expected realised prices from the Canadian operations, as US spot prices in Q1 were below our estimates. We reiterate our BUY and NOK80 target price, as the valuation is more closely linked to capaci...
Grieg Seafood ASA: Q1 2024 trading update
Grieg Seafood ASA: Q1 2024 trading update Grieg Seafoods harvest volume for the first quarter of 2024 was approximately 21 000 tonnes GWT. Harvest volume (tonnes GWT) by region for the quarter:Rogaland: 9 400Finnmark: 5 700British Columbia: 700Newfoundland: 5 200 The complete Q1 2024 report will be released on Thursday 16 May 2024 at 06:00 CEST. For enquiries, please contact:Andreas Kvame, CEOCell phone: +47 907 71 441 Atle Harald Sandtorv, CFOCell phone +47 908 45 252 About Grieg SeafoodGrieg Seafood ASA is one of the world's leading salmon farmers. Our farms are in Rogala...
- 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: NOK52.00) - Better harvest mix in Q1
Lerøy Seafood’s Q1 trading update revealed harvest volumes in line with our estimates, but with a better mix on higher-than-expected volumes from Lerøy Midt and lower volumes from Lerøy Sjøtroll in Q1, while higher wild-catch volumes also contributed positively. We have raised our 2024e EPS by 1.5%, and we now expect Q1 operating EBIT of NOK880m (previously NOK752m), in line with consensus of NOK881m (full Q1 report due at 06:30 CET on 15 May). We reiterate our BUY and NOK52 target price.
Lerøy Seafood Group ASA: Trading update Q1 2024
Lerøy Seafood Group ASA: Trading update Q1 2024 HARVEST VOLUMES OF SALMON AND TROUT Total harvest volume of salmon and trout for Q1 2024 was 26,400 GWT, excluding volumes from Scottish Seafarms. Harvest volumes per region/company (in 1,000 GWT): Lerøy Aurora: 6.0 Lerøy Midt: 13.7 Lerøy Sjøtroll: 6.7 (of which 3.3 was trout) CATCH VOLUMES OF WILDFISH Total wild catch volumes (Lerøy Havfisk) was 24,100 tonnes for Q1 2024 of which 6,700 tonnes of cod. The complete Q1 2024 report will be released on 15 May 2024 at 06:30 CET. Queries may be addressed to the company’s CFO Sjur S. M...
Lerøy Seafood Group ASA: Oppdatering volum i første kvartal 2024
Lerøy Seafood Group ASA: Oppdatering volum i første kvartal 2024 SLAKTET VOLUM AV LAKS OG ØRRET Slaktet volum av laks og ørret for første kvartal 2024 ble 26.400 GWT. Dette inkluderer ikke volumer fra Scottish Seafarms. Slaktet volum av laks og ørret per region / havbruksselskap (i 1.000 GWT): Lerøy Aurora: 6,0 Lerøy Midt: 13,7 Lerøy Sjøtroll: 6,7 (hvorav 3,3 var ørret) FANGSTVOLUM VILLFISK Fangstvolum av villfisk (Lerøy Havfisk) utgjorde 24.100 tonn i første kvartal 2024, hvorav 6.700 tonn med torsk. Fullstendig rapport for første kvartal 2024 blir offent...
- Alexander Aukner
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 ...
- Alexander Aukner
Lerøy Seafood (Buy, TP: NOK52.00) - Below consensus for Q1e
We expect Q1 operating EBIT of NOK752m, 13% below consensus of NOK863m, with the difference explained by our lower harvest estimate (results due at 06:30 CET on 15 May). We have raised our Q1e Wild Catch operating EBIT due to the timing of sales, but cut 2024–2026e on lower margin assumptions. In turn, we have lowered our 2024–2026e EPS by 3.0–2.0%, but reiterate our BUY and NOK52 target price.
- Alexander Aukner
Mowi (Buy, TP: NOK235.00) - Unjustified discount to peers
We forecast Q1 operating EBIT of EUR234m, 9% below consensus of EUR258m (results due at 06:30 CET on 8 May). With a solid operating track record in Norway and rebound potential in several international farming regions, we find Mowi’s 35% discount to Bakkafrost and SalMar on a blended 12-month forward P/E unjustified. We reiterate our BUY and NOK235 target price.
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