Professional Documents
Culture Documents
2023-06-07-AUSS - OL-Nordea Markets-Austevoll Seafood Good Things Come To Those Who Bait-102309674
2023-06-07-AUSS - OL-Nordea Markets-Austevoll Seafood Good Things Come To Those Who Bait-102309674
Credit Research
7 June 2023
Austevoll Seafood
Norway | Seafood
This research report is not independently procured investment research. Nordea has been mandated by Austevoll Seafood as Joint Lead Manager and Joint Bookrunner in the
contemplated issuance of bonds for Austevoll Seafood. Although this report has been prepared by Nordea's independent investment research team, the preparation of a
research report is included in the fee paid to Nordea by Austevoll Seafood in Nordea's capacity as Joint Lead Manager and Joint Bookrunner. This report is deemed to
constitute an acceptable minor non-monetary benefit as defined in MiFID II.
300
NORTUR 3.95 27
LSGNO 5.1 30
FELOST Float 12/29/25
LSGNO 3.35 31
NHYNO 4.575 30
DFDSDC Float 6/7/24 FELOST Float 9/30/27 NHYNO 5.257 28
150
NOK High
AKERNO 6.275 27 NHYNO 2 29
AKERNO Float 11/22/24
SALMNO Float 1/22/27 LSGNO Float 9/17/27
FELOST 5.065 28 LSGNO Float 4/26/28
MOWINO Float 1/31/25 NHYNO 4 27
NHYNO Float 11/30/28
NHYNO 1.125 25
Our fair spread for a specific bond is calculated by: 1) determining a reference bond curve for the bond, based on average spreads on bonds that we deem are relevant investment options; 2) determining the spread of the reference curve for the same maturity as the specific bond;
and 3) modifying that spread by adjusting for investment risk factors, including differences in credit quality, issuer performance trends, event risk, issuer rating status (publicly rated or unrated), bond liquidity, demand saturation, ownership, and other soft factors that we deem relevant
to determine the fair spread. The modification is made by adding or deducting spread elements to the reference curve spread as we deem applicable to reflect the relative investment risk. The reference curve is composed of bonds that we consider relevant investment alternatives
for investors of the proposed bond. All are EUR-denominated. We estimate the average credit quality of the bonds comprising the NOK high curve to be BBB.
2
7 June 2023 Austevoll Seafood
CREDIT-POSITIVE CREDIT-NEGATIVE
1 1
The seafood industry is heavily dependent on the health of the biological mass, as well as the world's
The company is publicly rated with an IG BBB- rating from NCR. oceans and waterways. Changes in fish health, water temperature, acidification, pollution, etc., could
negatively impact operations.
2 2
The company has a strong financial track record, with stable credit metrics since the previous bond Regulations around fishing quotas, sustainable fishing practices, quality controls, the environment and
issue. We estimate that the company will continue to build additional headroom, hence we argue for a taxes leads to political risk. However, with the resource tax now implemented, we believe the most
low risk for downgrade. prominent political risk has already materialised, and this is reflected in the bond pricing.
3 3
Strong asset backing and limited debt at the parent level. We calculate a LTV of 6.9 and Net LTV 0% High concentration within seafood leads to limited diversification.
on Austevoll’s holdings.
4 4
Diversified revenue streams across products and geographies lead to increased diversification within
Feed costs have risen significantly recently, leading to margin pressure for part of the business.
seafood.
5 5
Austevoll benefits from a global megatrend driving demand for animal protein.
Source: Company data and Nordea estimates Source: Company data and Nordea estimates Source: Company data and Nordea estimates
3
7 June 2023 Austevoll Seafood
STRONG REVENUE GROWTH OVER THE PAST COUPLE OF YEARS SEGMENT REVENUE SPLIT, Q1 2023 LTM*
35,000 23% 23% 25% Br. Birkeland
Pelagia 3%
21%
30,000 16%
18% 18% 19% 20%
25,000 16%
FoodCorp
20,000 15% 2%
Austral
15,000 6%
10%
10,000
5%
5,000
LSG
0 0% 73%
2016 2017 2018 2019 2020 2021 2022
Total revenue EBITDA margin %
Source: Company data and Nordea estimates *Based on reported consolidated financial accounts plus 50% of Pelagia
Source: Company data and Nordea estimates
4
7 June 2023 Austevoll Seafood
PORTFOLIO COMPANIES
Lerøy Seafood Group Pelagia Austral Group Br. Birkeland AS FoodCorp
Br. Birkeland AS Br. Birkeland Farming AS
Ownership 52.70% 50.00% 90.10% 42.90% 55.20% 50.00%
Description Lerøy Seafood Group ASA is a global seafood Produces fishmeal, fish oil, canned and frozen fish.
company. Operations surround production of salmon Leading producer of frozen fish products for human Fully integrated value chain for anchovy and mackerel Operations are based on own wild catch of horse
and trout, catch of whitefish, processing, product consumption, fishmeal, fish protein concentrate, fish with both catch and production of fishmeal, fish oil and BRBI owns and operates two pelagic purse seine BFARM farms salmon through ownership of farming mackerel and purchase of anchovies and sardines
development and distribution of seafood oil and Omega-3 oils. frozen fish vessels and two vessels for catching snow crab. licenses from local fishing vessels
5
7 June 2023 Austevoll Seafood
6
7 June 2023 Austevoll Seafood
7
7 June 2023 Austevoll Seafood
Introduction to Lerøy Seafood Group (LSG) LERØY: DIVERSIFIED REVENUES ACROSS MULTIPLE PRODUCTS AND MARKETS
y LSG is a renowned seafood company that has established itself as a global leader in the
industry. LSG is listed on the Oslo Stock Exchange and has gained recognition as a Shellfish Other North RoE Other
Trout 4% 4% America 6% 1%
repeat issuer in the Nordic bond market, attaining a credit rating of BBB+ from Nordic 8% 5%
Credit Rating.
Whole
y LSG boasts a fully integrated value chain encompassing both red fish and white fish. salmon
42%
16%
Whitefish
With trawlers and salmon trout farms located along the coast of Norway, the company 17% EU
maintains control over every stage of production. 54%
y With a global presence, LSG operates processing and distribution operations in nine
European countries. This widespread reach enables the company to effectively serve Processed Norway
salmon 18%
diverse markets and cater to the preferences of consumers worldwide. 25%
Source: Company data and Nordea estimates Source: Company data and Nordea estimates
8
7 June 2023 Austevoll Seafood
Introduction to Austral
AUSTRAL: LOCATED IN PERU
y Austevoll owns 90.1% of Austral, which has an integrated value chain that encompasses
fishing vessels, fishmeal and fish oil, and consumer products in Peru. Through its
ownership of Austral Group, Austevoll Seafood is strengthening its presence and
capabilities within the Peruvian seafood sector.
y Austral Group holds a significant portion of the total quota for anchovy in Central/North
Peru, accounting for close to 7% of the available quota. Additionally, the company
possesses fishing rights for horse mackerel and mackerel. Anchovy, a small oily fish, is
primarily utilised for the production of fishmeal and fish oil, while horse mackerel and
mackerel are fished for consumer products.
y Peru is renowned as the world's largest producer of fishmeal and fish oil. As such, the
production volumes achieved in Peru hold considerable influence over global prices for
these commodities. Given Austral Group's operations in Peru's fisheries industry, the
company significantly contributes to the overall production and market dynamics of
fishmeal and fish oil.
1) For year-end and full-year 2022, as FTE is not a metric that the group applies on a quarterly basis
Source: Company data
0 0%
2017 2018 2019 2020 2021 2022 Q1'23 LTM
Revenue EBITDA EBITDA margin
9
7 June 2023 Austevoll Seafood
2) For year-end and full-year 2022, as FTE is not a metric that the group applies on a quarterly basis
Source: Company data
10
7 June 2023 Austevoll Seafood
-FEED: The FEED segment encompasses the production of fishmeal, fish protein 1,500 2.0x
concentrate and fish oil. These products are vital ingredients in animal feed 1,000
1.0x
formulations, contributing to the nutritional requirements of livestock and aquaculture 500
2,118 2,525 3,123 3,530 3,325 4,119 4,223
0 0.0x
species. 2017 2018 2019 2020 2021 2022 Q1'23 LTM
-FOOD: The FOOD segment focuses on the production of frozen fish products for direct NIBD (inc. leases) NIBD / EBITDA
consumption by consumers. Source: Company data and Nordea estimates
-HEALTH: The HEALTH segment centres on the production of Omega-3 oils. These oils,
rich in essential fatty acids, are known for their potential health benefits and are widely
used in dietary supplements and functional food products.
Source: Company data and Nordea estimates Source: Company data and Nordea estimates
11
7 June 2023 Austevoll Seafood
Introduction to Br. Birkeland BR. BIRKELAND: LOCATED ON THE WEST COAST OF NORWAY
y Br. Birkeland AS (BRBI) and Br. Birkeland Farming AS (BFARM) are key subsidiaries of
Austevoll, with Austevoll holding ownership stakes of 42.9% in BRBI and 55.2% in
BFARM. These two companies were previously unified but underwent a demerger in
2017 to operate as separate entities. The demerger allowed each subsidiary to focus on
its specific areas of expertise while benefitting from Austevoll's overall strategic
direction and support. Br. Birkeland is located on the west coast of Norway.
y BRBI specialises in pelagic fishing and owns and operates two pelagic purse seine
vessels, as well as two vessels dedicated to snow crab fishing. It plays a significant role
in Austevoll's pelagic operations.
y BFARM was established as part of the demerger in 2017. This subsidiary is primarily
engaged in Atlantic salmon farming, through ownership of seven farming licences.
1) For full-year 2022, as FTE is not a metric that the group applies on a quarterly basis
Source: Company data
12
7 June 2023 Austevoll Seafood
y EBIT/kg represents strong markets but with elevated feed costs. 1.0x
1.2x
0.9x 1.0x
y The estimates conclude that Austevoll's balance sheet will remain strong even in a 0.5x 0.5x
0.6x
credit case, and credit metrics will be more than satisfactory to sustain a BBB- rating 0.1x
0.0x
from NCR. 2022 2023E 2024E 2025E
y Financial leverage metrics to trigger downgrade: NIBD/EBITDA - base case NIBD/EBITDA - credit case
-NIBD/EBITDA above 2x Gross debt/EBITDA - base case Gross debt/EBITDA - credit case
-EBITDA/interest below 10x over a protracted period Source: Company data and Nordea estimates
13
7 June 2023 Austevoll Seafood
Cash and cash equivalents 4,340 5,741 8,284 10,797 5,023 6,644 8,390
Interest-bearing liabilities (inc. leasing) 11,330 11,825 11,825 11,825 11,825 11,825 11,825
Net debt 6,990 6,084 3,541 1,028 6,802 5,181 3,436
Gross debt / EBITDA 2.0x 1.8x 1.5x 1.6x 2.6x 2.2x 2.2x
NIBD / EBITDA 1.2x 0.9x 0.5x 0.1x 1.5x 1.0x 0.6x
FFO / NIBD 65% 80% 157% 534% 48% 76% 113%
FOCF / NIBD 22% 40% 106% 363% 41% 62%
EBITDA / Interest 16.4x 15.7x 18.7x 18.5x 13.0x 12.9x 12.9x
Source: Company data and Nordea estimates
14
7 June 2023 Austevoll Seafood
Equity
Best est. NIBD (Q1
Gross asset value Incorporated Listed Valuation EV/EBITDA EV NIBD/EBITDA Ownership value of Value of holding
EBITDA 2023)
holding
Lerøy Seafood Group ASA Norway Mark-to-market 7.1x 35,464 4,249 4,302 1.0x 53% 14,911 14,911
Pelagia Holding AS Norway No EV/EBITDA 5.0x 8,993 1798.5 4,145 2.3x 50% 2,424 2,424
Austral Group S.A.A. Peru EV/EBITDA 4.0x 2,256 564 778 1.4x 90% 1,332 1,332
Br. Birkeland AS Norway No EV/EBITDA 5.0x 370 74.0 63 0.9x 43% 132 132
Br. Birkeland Farming AS Norway No EV/EBITDA 5.0x 1,216 243.3 - 23 Cash positive 55% 684 684
FoodCorp Chile S.A. Chile No EV/EBITDA 4.0x 767 191.8 - 171 Cash positive 100% 938 938
Total gross asset value 20,420 20,420
Total interest-bearing debt post transaction 1,413
6.9%
Net interest-bearing debt - 73
Net LTV 0%
Source: Company data, Bloomberg and Nordea estimates
15
7 June 2023 Austevoll Seafood
Source all graphs and tables on this page: Company data and Nordea estimates
DIVIDEND INCOME RECEIVED IN 2022 (NOKm, % OF DIVIDEND RECEIVED)
FoodCorp, 69, 6% Brødrene Birkeland
Austral 160, 14% 41, 3%
Pelagia 125,
Lerøy Seafood 785,
66%
DIVIDEND INCOME, 2017-22 TOTAL INCOME RECEIVED, 2017-22
1,500 3,000
1,100 2,000
972 972 1225
160 1,500 1079
900 978
182 125 719 812
179
655 1,000 660
700 125 588 100
523 1180
150 0 500 972 972
500 100 523 655 588
100
785 -
300 628 628
408 471 471 (500)
100 2017 2018 2019 2020 2021 2022
(100) 2017 2018 2019 2020 2021 2022 Total dividends received Other interest income
Lerøy Seafood Pelagia Austral FoodCorp Brødrene Birkeland Group contributions Operating revenue
Interest income from Group companies Gain sale shares
16
7 June 2023 Austevoll Seafood
Parent company: Distribution to own shareholders matches income, resulting in a stable equity ratio
y Austevoll Seafood has historically more or less matched earnings with dividends, ON AVERAGE, PAYOUT RATIO WAS 91% FOR AUSTEVOLL IN 2017-22
resulting in an average payout ratio of 91%, cost coverage of 1.0x and an equity ratio of 6 120%
69% in the period 2017-22. Overall, we view Austevoll's dividend distribution to own
shareholders as prudent. 5 100%
91%
4 80%
3 60%
2 40%
1 20%
0 0%
2017 2018 2019 2020 2021 2022 Average
Earnings per share/diluted earnings per share Proposed dividends per share
Payout ratio
EQUITY RATIO HAS BEEN STABLE AND WAS 69%, ON AVERAGE, IN 2017-22 TOTAL INCOME ECLIPSED TOTAL COSTS (INCLUDING DIVIDENDS TO SHAREHOLDERS) IN 2017-22
17
7 June 2023 Austevoll Seafood
Key financial data 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
Revenue (NOKm) 22,447 26,633 31,148 19,960 23,136 26,652 17,282 18,707 20,212 12,912 15,044 20,158 24,985 36,502
EBITDA (NOKm) 3,675 4,810 5,782 3,123 3,791 4,734 1,012 1,043 916 3,822 3,664 5,421 3,770 4,712 6,793
EBITDA margin (%) 16% 18% 19% 16% 16% 18% 6% 6% 5% 30% 24% 27% 19% 19% 19%
Adj. Debt/ EBITDA (x) 1.9x 1.5x 1.4x 1.5x 1.8x 1.3x 1.8x 2.2x 2.1x 1.5x 1.7x 1.4x 4.3x 3.8x 3.0x
Adj. FFO / Adj. Debt (%) 45% 81% 53% 54% 63% 59% 54% 45% 54%
EBITDA / Interest coverage (x) 12.5x 17.1x 16.4x 14.9x 17.6 16.6 5.9x 5.3x 5.0x 27.4x 21.6x 16.1x 9.5x 11.6x 13.7x
Source: Company data, NCR, Scope and Bloomberg
18
7 June 2023 Austevoll Seafood
BALANCE SHEET
NOKm 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E
Goodwill 1,936 1,936 1,936 1,936 1,936 1,936 1,936 1,936 1,936 1,936
Other intangibles 9,811 9,762 9,556 9,551 9,590 9,812 10,027 10,241 10,241 10,241
Tangible assets 6,691 7,563 8,851 10,954 11,485 12,344 13,480 14,030 14,269 14,478
Shares associates 1,710 2,074 2,204 2,355 2,527 3,049 3,424 3,653 3,653 3,653
Interest bearing assets 0 0 0 0 0 0 0 0 0 0
Deferred tax assets 0 0 0 0 0 0 0 0 0 0
Other non-interest bearing non-current 0 0 0 0 0 0 0 0 0 0
Other non-current assets 155 232 189 176 206 168 223 224 224 224
Non-current assets 20,303 21,566 22,736 24,972 25,743 27,310 29,090 30,083 30,323 30,532
Inventory 7,879 5,878 7,766 7,289 6,735 8,105 10,928 11,757 11,786 11,793
Accounts receivable 2,340 2,071 2,293 2,468 2,045 2,321 2,909 2,848 2,855 2,858
Other current assets 734 719 767 851 754 795 751 884 903 905
Cash and cash equivalents 3,745 5,075 4,393 4,251 4,463 5,251 4,340 5,742 8,284 10,797
Current assets 14,699 13,743 15,219 14,859 13,998 16,471 18,928 21,230 23,828 26,353
Total assets 35,001 35,309 37,955 39,831 39,741 43,781 48,018 51,314 54,151 56,885
Shareholders equity 9,248 9,786 11,656 12,278 12,108 13,301 15,274 16,613 18,058 19,215
Minority interest 8,965 9,385 10,798 11,053 10,882 11,886 12,844 14,465 15,838 17,411
Deferred tax 3,986 3,432 3,425 3,500 3,261 3,512 3,938 3,806 3,806 3,806
Convertible debt 0 0 0 0 0 0 0 0 0 0
Long term interest bearing debt 7,065 7,332 6,965 7,656 7,801 9,070 8,399 8,451 8,451 8,451
Non-current liabilities 0 0 0 0 0 0 0 0 0 0
Pension provisions 146 110 73 38 57 12 13 14 14 14
Other long-term provisions 0 0 0 0 0 0 0 0 0 0
Other long-term liabilities 34 29 28 28 26 29 29 44 44 44
Non-current liabilities 11,231 10,903 10,491 11,222 11,144 12,623 12,379 12,314 12,314 12,314
Short-term provisions 0 0 0 0 0 0 0 0 0 0
Accounts payable 1,500 1,457 1,628 1,700 1,364 1,915 2,374 2,203 2,197 2,199
Other current liabilities 1,918 1,926 2,000 1,657 1,664 2,213 2,217 2,343 2,368 2,372
Short term interest bearing debt 2,139 1,852 1,382 1,921 2,578 1,843 2,931 3,374 3,374 3,374
Current liabilities 5,557 5,235 5,010 5,278 5,606 5,971 7,523 7,921 7,939 7,945
Liabilities for assets held for sale 0 0 0 0 0 0 0 0 0 0
Total liabilities and equity 35,001 35,309 37,955 39,831 39,741 43,781 48,018 51,314 54,151 56,885
Cash and cash eq (credit adj) 936 1,269 1,098 1,063 1,116 1,313 1,085 1,435 2,071 2,699
Total assets (credit adj) 32,192 31,503 34,660 36,643 36,394 39,843 44,764 47,007 47,937 48,787
Shareholders equity (credit adj) 9,248 9,786 11,656 12,278 12,108 13,301 15,274 16,613 18,058 19,215
Debt (credit adj) 6,395 5,378 5,053 6,388 7,032 6,975 8,076 7,519 5,612 3,728
19
7 June 2023 Austevoll Seafood
Adjusted metrics
Funds from operations (FFO) (adj) 2,655 4,095 4,000 3,367 3,175 5,642 4,253 4,731 5,551 5,491
Operating cash flow (OCF) (adj) 2,936 3,833 2,828 3,113 4,103 3,095 2,591 4,517 5,884 5,854
Free operating cash flow (FOCF) (adj) 1,793 1,992 295 1,624 2,680 1,523 739 2,393 3,759 3,729
Discretionary cash flow (DCF) (adj) 374 1,486 -786 208 1,697 687 -1,011 1,154 2,543 2,513
KEY RATIOS
Profitability 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E
ROC 24.8% 10.4% 26.2% 12.4% 5.4% 18.8% 20.5% 18.8% 21.0% 20.9%
ROIC after tax 11.7% 12.7% 13.4% 8.8% 6.0% 8.8% 12.4% 12.7% 15.0% 14.6%
ROE after tax 18.0% 10.6% 20.7% 10.3% 4.0% 15.5% 17.2% 13.5% 15.4% 12.7%
Debt & Interest coverage
FFO/Debt 41.5% 76.2% 79.2% 52.7% 45.2% 80.9% 52.7% 62.9% 98.9% 147.3%
FOCF/Debt 28.0% 37.1% 5.8% 25.4% 38.1% 21.8% 9.2% 31.8% 67.0% 100.0%
DCF/Debt 5.8% 27.6% -15.6% 3.3% 24.1% 9.8% -12.5% 15.3% 45.3% 67.4%
EBITDA interest coverage 15.4 16.8 18.9 14.0 12.5 17.1 16.4 15.7 18.7 18.5
FFO cash interest coverage n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m.
Leverage
Debt/EBITDA 1.6 1.1 1.0 1.5 1.9 1.5 1.4 1.1 0.7 0.5
Equity ratio 26.4% 27.7% 30.7% 30.8% 30.5% 30.4% 31.8% 32.4% 33.3% 33.8%
Debt/(Debt+Equity) 0.4 0.4 0.3 0.3 0.4 0.3 0.3 0.3 0.2 0.2
Capital expenditure
CAPEX/Depreciation and amor n.m. 0.67 n.m. 0.91 0.58 n.m. n.m. n.m. n.m. n.m.
CAPEX/Sales 0.06 0.09 0.11 0.06 0.06 0.06 0.06 0.07 0.06 0.06
Working capital ratios
Inventory turnover (days) 152 103 124 114 110 111 128 133 123 120
Receivables turnover (days) 45 36 37 39 33 32 34 32 30 29
Days sales outstanding (days) 29 26 26 27 22 26 28 25 23 22
Per share data
EPS 8.11 4.98 10.92 6.10 2.43 9.74 12.10 10.58 13.13 11.70
EPS (adj.) 1.08 14.02 6.95 7.61 7.73 5.75 6.23 8.31 13.13 11.70
DPS 2.5 5.3 7.0 4.9 4.1 8.6 6.1 6.0 6.0 6.0
BVPS 45.6 48.3 57.5 60.6 59.7 65.6 75.3 82.0 89.1 94.8
Equity valuation and yield
Market cap. 16,978 13,835 21,650 18,255 17,778 21,569 17,930 17,363 17,363 17,363
Enterprise value 31,401 27,330 36,403 34,633 34,577 39,117 37,765 37,911 36,742 35,802
P/E 10.3 13.7 9.8 14.8 36.0 10.9 7.3 8.1 6.5 7.3
P/BV 1.8 1.4 1.9 1.5 1.5 1.6 1.2 1.0 1.0 0.9
EV/Sales 1.7 1.3 1.6 1.5 1.5 1.5 1.2 1.2 1.1 1.0
EV/EBITDA 8.1 5.8 6.9 8.1 9.4 8.1 6.5 5.8 4.8 4.7
Dividend yield 3.0% 7.8% 6.5% 5.4% 4.7% 8.1% 6.9% 7.0% 7.0% 7.0%
Payout ratio n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
20
7 June 2023 Austevoll Seafood
Sources
This publication or report may be based on or contain information , such as opinions, recommendations, estimates, price targets and valuations which emanate from : Nordea Markets’ or
Equity Sales & Research’s analysts or representatives , publicly available information , information from other units of Nordea , or other named sources.
To the extent this publication or report is based on or contain information emanating from other sources (“Other Sources”) than Nordea Markets or Equity Sales & Research (“External
Information”), Nordea has deemed the Other Sources to be reliable but neither Nordea , others associated or affiliated with Nordea nor any other person , do guarantee the accuracy,
adequacy or completeness of the External Information.
Although Nordea Markets or Equity Sales & Research’ information providers (Other Sources), including without limitation , MSCI ESG Research Inc. and its affiliates (the “ESG Parties”),
obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG
Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect
to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event
shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such
damages.
The perception of opinions or recommendations such as Buy or Sell or similar expressions may vary and the definition is therefore shown in the research material or on the website of each
named source.
Limitation of liability
Nordea or other associated and affiliated companies assume no liability as regards to any investment, divestment or retention decision taken by the investor on the basis of this publication or
report. In no event will Nordea or other associated and affiliated companies be liable for direct, indirect or incidental, special or consequential damages resulting from the information in this
publication or report.
Risk information
The risk of investing in certain financial instruments, including those mentioned in this document, is generally high, as their market value is exposed to a lot of different factors such as the
operational and financial conditions of the relevant company, growth prospects, change in interest rates, the economic and political environment, foreign exchange rates, shifts in market
sentiments etc. Where an investment or security is denominated in a different currency to the investor ’s currency of reference, changes in rates of exchange may have an adverse effect on
the value, price or income of or from that investment to the investor. Past performance is not a guide to future performance. Estimates of future performance are based on assumptions that
may not be realized. When investing in individual shares, the investor may lose all or part of the investments.
Conflicts of interest
Nordea, affiliates or staff in Nordea, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any
company mentioned in the publication or report.
To limit possible conflicts of interest and counter the abuse of inside knowledge, the analysts of Nordea Markets or Equity Sales & Research are subject to internal rules on sound ethical
conduct, the management of inside information, handling of unpublished research material, contact with other units of Nordea and personal account dealing. The internal rules have been
prepared in accordance with applicable legislation and relevant industry standards. The object of the internal rules is for example to ensure that no analyst will abuse or cause others to abuse
confidential information. It is the policy of Nordea that no link exists between revenues from capital markets activities and individual analyst remuneration. Nordea and the branches are
members of national stockbrokers’ associations in each of the countries in which Nordea has head offices . Internal rules have been developed in accordance with recommendations issued by
the stockbrokers associations. This material has been prepared following the Nordea Conflict of Interest Policy, which may be viewed at www.nordea.com/mifid.
Distribution restrictions
The securities referred to in this publication or report may not be eligible for sale in some jurisdictions. This research report is not intended for, and must not be distributed to private
customers in the UK or the US, or to customers in any other jurisdiction where restrictions may apply.
21
7 June 2023 Austevoll Seafood
As of the publication of this report, the issuer does not hold a position exceeding 5%
of the total shares issued in Nordea Abp.
Fair
The spread of the instrument is within +/- 5% of the indicated fair spread
Expensive
The spread of the instrument is more than 5% below the indicated fair spread
Nordea does not, neither explicit nor implicit, express any opinion regarding the
creditworthiness of an entity, a debt or financial obligation, debt security, preferred
share or other financial instrument, nor of an issuer of such, which constitutes or
shall be understood as ‘credit rating’ as defined in Regulation (EC) No 1060/2009
of the European Parliament and of the Council of 16 September 2009 on Credit
Rating Agencies.
Nordea Bank Abp Nordea Bank Abp, filial i Sverige Nordea Danmark, Filial af Nordea Nordea Bank Abp, filial i Norge
Bank Abp, Finland
Nordea Markets Division, Nordea Markets Division, Nordea Markets Division, Nordea Markets Division,
Research Research Research Research
Visiting address: Visiting address: Visiting address: Visiting address:
Aleksis Kiven katu 7, Helsinki Smålandsgatan 17 Grønjordsvej 10 Essendropsgate 7
FI-00020 Nordea SE-105 71 Stockholm DK-2300 Copenhagen S N-0107 Oslo
Finland Sweden Denmark Norway
Tel: +358 9 1651 Tel: +46 8 614 7000 Tel: +45 3333 3333 Tel: +47 2248 5000
Fax: +358 9 165 59710 Fax: +46 8 534 911 60 Fax: +45 3333 1520 Fax: +47 2256 8650
Reg.no. 2858394-9
Satamaradankatu 5
Helsinki
22