Fiskeaksjer fortsatt muligheter?

Transkript

1 Fiskeaksjer fortsatt muligheter? Kolbjørn Giskeødegård Director, Seafood Food, Beverages & Ingredients sector coordinator /

2 Laks et ekte norsk (folke) eventyr 2

3 Supply 2017 up 90 N: +22 Ch +40 Oth +28 3

4 EUR/kilo FishPool next 5 quarters buyers struggling Demand /campaigns kicking in at EUR 6 4

5 Super profit in the spot market, 2016 is the top year Price Cost Sources: Fishpool , Nordea (est) 5

6 Sea lice treatments 6

7 Salmon prices historically off compared to protein peers Index ( =100) /2015 9/2015 1/2016 5/2016 Meat Price Index Poultry Meat Pig Meat Salmon Dotted line = Fishpool FWD 7

8 Marginer - nedstrøm 8

9 Recommendations and target prices Norde a - 17 Cons Norde a - 17 Cons Compa ny Re c. TP (Old TP ) Curre nt pric e Up/downside % P /E P /E EV /EBITDA EV /EBITDA Marine Harvest ASA Hold % 11.4 x 10.6 x 9.2 x 7.7 x Leroy Seafood Group ASA Hold % 12.0 x 9.1 x 8.3 x 6.0 x SalMar ASA Sell % 12.4 x 11.9 x 9.6 x 8.7 x Bakkafrost Hold % 13.4 x 12.5 x 8.8 x 8.8 x Austevoll Seafood ASA Hold % 10.8 x 8.2 x 6.9 x 3.4 x Grieg Seafood ASA Buy % 10.5 x 8.7 x 6.1 x 5.7 x Norway Royal Salmon ASA Sell % 15.4 x 11.9 x 11.4 x 8.6 x 9

10 Valuation EV/EBITDA 10 24/03/2015

11 EV (NOK)/kilo 2016 Valuation SSC LSG GSF MHG NRS SALM BAKKA EV/kg 2016E Average EV kilo: NOK 180 Margin NOK 19 Salmon price NOK 54 11

12 EBIT per kilo quarterly Q1 14 Q2 14 Q13 14 Q4 14 Q1 15 Q2 15 Q3-15 Q4 15 Bakkafrost (BAKKA) SalMar (SALM) Norway Royal Salmon (NRS) Lerøy Seafood Group (LSG) Marine Harvest (MHG) Grieg Seafood (GSF) 12

13 Aksjer: Ei kule og to gamle travere 13

14 Grieg Seafood from dog to darling in six months Aksjekurs doblet på 6 måneder Fortsatt priset 25% under bransjesnitt Leverer konsistente gode tall Gått fra sisteplass til mid range EBIT margin Gått fra 7kr per kilo bak bansjesnitt til likt Burde vært priset til 116 kr per aksje dersom den skulle vært likt priset med bransjesnittet. Quarter Rank (of 6) Q Q Q Q Q Q Q3-16E 3 EBIT/kg Grieg Av industry Diff Q (7.0) Q (3.7) Q (2.4) Q3E

15 Austevoll Seafood deep value ikke reflektert i aksjekurs Verdi 52% av Lerøy 13,600 Verdi AUSS 15,108 Markedsverdi Rest-Austevoll 1,508 Peru 3,000 Birkeland 1,100 Pelagia 1,000 Chile 500 Reell verdi 5,600 Merverdi (Mill NOK) ~4,100 Per aksje (NOK per aksje) ~ 20 15

16 Bakkafrost Simply the best better than all the rest! Over tid ca 5 kr bedre en norske aktører Lavere kost og høyere pris I markedet Har lagt nærmere 10kr, nå minker det noe, vanskeligere å ta ut høyere pris nå Høyest priset I markedet for en grunn Investert 2 millarad over 5 år for å effektivisere og øke produckjsonen med inntil 50% neste 5 år. World class management som er ekstremt fokusert på å unngå sykdom og biologiske problemer (selv om lus er absolutt et problem også for Bakka) EBIT/kg Bakkafrost Av industry Diff Q Q Q Q3E

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