Grieg Seafood’s Q2/20 report came in well below expectations, mainly due to weaker than expected performance in Rogaland and Shetland. The 2020 volume guiding was lowered by 5’t, and we have lowered our 2020 and 2021 estimates by 26% and 8% respectively. We have updated our supply model, still pointing to a healthy market balance next year. We do however prefer other stocks in the sector, and stick to our Hold rating and NOK 110 TP.
18 Aug 2020
Negative earnings trend, we prefer its peers
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Negative earnings trend, we prefer its peers
Grieg Seafood’s Q2/20 report came in well below expectations, mainly due to weaker than expected performance in Rogaland and Shetland. The 2020 volume guiding was lowered by 5’t, and we have lowered our 2020 and 2021 estimates by 26% and 8% respectively. We have updated our supply model, still pointing to a healthy market balance next year. We do however prefer other stocks in the sector, and stick to our Hold rating and NOK 110 TP.