Q4/20 was the second earnings beat in a row. We have lowered our 2021 estimates by 7% (due to H1 prices) while 2022 has been upped by 4% due to the favourable cost trend. The unchanged 2021 volume guidance implies 15% y-o-y growth with further growth expected in the coming years. Despite the recent outperformance, Lerøy is trading at a discount to its peers, unwarranted in our view. We stick to Buy and raise our target price to NOK 80 (70).
