Grieg Seafood reported an underlying Q1/20 EBIT of NOK 240m – in line with its profit warning. The company reiterated its FY/20 volume guiding of 100’t, and our volume assumptions are unchanged. We have however raised our cost assumptions, and our FY/20 and FY/21 estimates are lowered by 11% and 2% respectively. We still see downside risk to our price assumptions near-term, and we stick to our Hold rating and NOK 110 target price.
07 May 2020
Estimates still at risk, no rush to buy
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Estimates still at risk, no rush to buy
Grieg Seafood reported an underlying Q1/20 EBIT of NOK 240m – in line with its profit warning. The company reiterated its FY/20 volume guiding of 100’t, and our volume assumptions are unchanged. We have however raised our cost assumptions, and our FY/20 and FY/21 estimates are lowered by 11% and 2% respectively. We still see downside risk to our price assumptions near-term, and we stick to our Hold rating and NOK 110 target price.