Austevoll Seafood ASA (AO) | Hold | Q1 first take: Chile and Lerøy drives beat (+)

Research evidence excerpt

Austevoll Seafood ASA (AO) | Hold | Q1 first take: Chile and Lerøy drives beat (+)

Austevoll Seafood ASA Hold | Target Price: NOK90.00

Company description Management

Austevoll Seafood is a major seafood producer in Norway, and the largest owner Arne Møgster, CEO

in Lerøy Seafood (52.7%). Austevoll produces fish meal and fish oil and is thus Britt Kathrine Drivenes, CFO

different to other salmon-farming companies in Norway. The company operates Helge Singelstad, Chairman

in Chile, Peru, and Norway. Key shareholders

Free float 45.00%

LACO A/S 55.55%

State Street Bank and Trust Comp 3.10%

OM Holding 1.64%

Investment case Valuation methodology

Austevoll is a holding company. Its stake in Leroy Seafood Group We value Austevoll using a multiple-based SOP with LSG's target

is the main asset. In addition to Leroy, the company also owns price as the main asset.

pelagic companies in Peru/Chile and smaller fishing/salmon We also apply a P/E multiple approach.

companies in Norway. The company also has a 50% stake in We weight the two approaches 50/50 to derive our target price.

Pelagia, which is a major producer of fish oil for human Risks to our rating

consumption. Salmon spot prices were to disappoint.

We have a Holding rating due to expectations of a weaker Another below-average quota from Peru.

pelagic outlook and below consensus salmon spot price No sourcing of external raw materials in Chile due to

expectations, negatively impacting earnings for Leroy and Br. international tax law.

Birkeland.

We use a holding discount of 10% in our valuation, below the

historical average (c. 20%) as we argue the market is

appreciating the non-Leroy assets more.

Catalysts

Salmon prices and biological issues surprise positively.

A normalised Peruvian anchovy quota for 2026.