Aktiesnakken — Marts 2017
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Pareto har kjøpsanbefaling på alle lakseaksjene, og de nye kursmålene deres er:
GSF NOK 92
MHG EUR 19,60 (NOK 179,70)
BAKKA NOK 350
SALM NOK 277
LSG NOK 578
AUSS NOK 91
NRS NOK 178
SSC NOK 9,66 (GBP 0,91) -
Tak Ul. Jeg supplere i Grieg på mandag
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dagens rapport som oppsummerer Q1-17 og vurderer utsiktene er Pareto like bull som før.
Her er ingresen i rapporten:"Buy on weakness, again (71 pages)We find the recent negative share price performance unjustified as prices are high, demand is strong and outlook is great. The harvest volume was down 7% in Q117 vs Q116, but prices were around 23% higher, hence the total value of salmon consumption increased by impressive 13% YoY. -
We find this to be in glaring contrast with the financial market focusing on demand destruction. The salmon sector, with an underlying annual demand growth of 8%, is trading at P/E 10x with a dividend yield of 6-7%. In the unlikely scenario that 17e spot price collapse by NOK 10/kg vs our expectations, the sector is still trading at decent 14x P/E, hence the downside should be limited. We favour Marine Harvest, Lerøy and Salmar."
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Har lige købt lidt Bakka kurs 262,4 og lidt Grieg 63,7
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Mere Pareto: Fine tuning salmon price estimates
Q1 17 spot price came in at NOK 64.8/kg, NOK 3.2 below our estimate. We reduce our Q2 17 spot price assumption from NOK 60 to 58, and our 2018e contract price assumption from NOK 60 to NOK 58. In total this gives earnings revisions of around -3%.
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China and US will eat all supply growth
Limited and controlled supply growth in a market with strong demand is still the main reason being positive on the sector. Our demand estimates indicate that the US and greater China will eat almost all the production growth going forward, hence volumes into EU will be stable and prices will remain high.
Marginal supply growthWe estimate a moderate annual supply growth of 2-6% the next 4 years, due to strict regulatory limitations in Norway and Chile, c
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Nordea er største køber i Bakka i år. De køber også stort op i dag. Banken er samtidigt bank for Bakkafrost og datterselskaberne.
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Nordea-analyse senker laksen : http://www.hegnar.no/Nyheter/Boers-finans/2017/03/Nordea-analyse-senker-laksen
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Bakkafrost er i samme kurs som før algeopblomstringen i Chile... Jeg finder fiskestangen frem igen.
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Fra analysen: Based on the negative market
reaction, we cut our 2017-19 salmon price forecasts by NOK 3 per kilo
to NOK 57, NOK 51 and NOK 50, respectively. Accordingly, we also cut
our target prices and maintain our general Sell ratings for the bulk of the
companies listed. We are now 16% lower than consensus on 2018E EBIT
and see a risk for negative estimate revisions. -
Det er stadig historisk høje priser og vil give flotte bundlinjer både på Færøerne samt i Norge. Scottish Salmon Company vil få det svært.
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