Credit Profile

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.

Good things come to those who bait Nordea Markets - Analysts

Peder Kristiansen
+47 917 35 143
The industrial holding company Austevoll Seafood owns a portfolio of world- peder.loholt.kristiansen@nordea.com
leading seafood companies. In its largest holding, Lerøy (BBB+), it holds a 53% Martin Thorsen Kulsrud
ownership stake. Its revenue streams are characterised by diversification within +47 24 01 39 27
the seafood industry, both in terms of products and geographies. We argue that martin.thorsen.kulsrud@nordea.com
the strong operational cash flow will continue to favour its credit profile, which is
further supported by a strong asset backing. KEY INFO
Country Norway
Bloomberg debt n.a.
Low leverage and strong asset backing Bloomberg equity AUSS NO
The NIBD/EBITDA in the company hovered around 1.2x in 2016-22. We estimate Moody's n.a./n.a.
S&P n.a./n.a.
the interest coverage ratio to be 15.7x for 2023, and paired with a current Nordea ESG rating BB
estimated LTV and net LTV of 6.9% and 0%, respectively, for the parent company, Market cap. (bn) EUR 1.47/NOK 17.37
this reflects the low leverage of the company. This is further supported by strong Company website www.auss.no
Next report date 23 Aug 2023
operational cash flow. We estimate FFO/NIBD of 80% for 2023.
NET DEBT/EBITDA
Nature of the business increases risk
3.0x
The seafood industry is heavily dependent on the health of the biological mass,
and the health of the world's oceans. Changes in fish health and water 2.0x 2.0x 1.8x
temperatures etc. can negatively impact operations. Moreover, reliance on 1.5x 1.6x
1.2x
regulations, fishing quotas and taxes leads to increased political risk. 1.0x 0.9x
0.5x
0.0x 0.1x
IG rating secured 2022 2023E 2024E 2025E
Austevoll received a BBB- rating from NCR on 1 June. We believe there is a low NIBD/EBITDA - base case
Gross debt/EBITDA - base case
possibility of a downgrade under the current outlook, due to continued
estimated strong earnings and cash flow, leading to improved headroom to
Source: Company data and Nordea estimates;
leverage downgrade triggers, such as NIBD/EBITDA rising to above 2x for a
period, or EBITDA/interest decreasing to below 10x and remaining there for
some time. FAIR VALUE ESTIMATES
Bond Fair value
Sr. unsecured 5-year 180 - 200bp
Fair value for a senior unsecured bond: 5Y 180-200 bp; 7Y 190-210 bp Sr. unsecured 7-year 190 - 210bp
We adjust our fair value to reflect the fact that the issuer has a credit rating of
Source: Nordea estimates
BBB- from NCR, that the Investment Grade rating has little headroom in the
event of significantly lower-than-expected financial performance (i.e. a
downgrade from BBB- to BB+), and that the issuer is an inaugural IG issuer.

KEY CREDIT METRICS AND RATIOS

Reported (NOKm) 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E
Total revenues 18,905 20,799 22,837 23,342 22,447 26,633 31,148 32,272 34,836 35,756
EBITDA 3,881 4,747 5,239 4,261 3,675 4,810 5,782 6,561 7,691 7,591
- margin 21% 23% 23% 18% 16% 18% 19% 20% 22% 21%
Net debt 5,459 4,109 3,955 5,326 5,916 5,662 6,991 6,084 3,541 1,028
Net debt/EBITDA 1.4 0.9 0.8 1.2 1.6 1.2 1.2 0.9 0.5 0.1
Credit adjusted (NOKm) 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E
EBITDA 3,881 4,747 5,239 4,261 3,675 4,810 5,782 6,561 7,691 7,591
Debt 6,395 5,378 5,053 6,388 7,032 6,975 8,076 7,519 5,612 3,728
Debt/EBITDA 1.6 1.1 1.0 1.5 1.9 1.5 1.4 1.1 0.7 0.5
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

Source: Company data and Nordea estimates

IMPORTANT INFORMATION AND DISCLOSURES AT THE END OF THIS REPORT

7 June 2023 Austevoll Seafood

Fair value for a senior unsecured bond: 5Y 180-200 bp; 7Y 190-210 bp

We adjust our fair value to reflect that the issuer has a credit rating of BBB- from NCR, that the Investment Grade rating has little headroom in the event of significantly lower than
expected financial performance (i.e. a downgrade from BBB- to BB+), and that the issuer is an inaugural IG issuer.

300

NORTUR 3.95 27

NORTUR Float 5/4/28

NORTUR Float 7/2/27
AKERNO 6.3 32
GSFNO Float 6/25/25

250 AKERNO 6.5 29

DFDSDC Float 3/16/28
YARNO 7.378 32
YARNO 4.75 28 YARNO 7.378 32
NORTUR Float 11/4/26 YARNO 4.75 28 YARNO 3.148 30

NORTUR Float 7/2/25

DFDSDC Float 3/16/26 LSGNO 5.315 33

200
AKERNO Float 9/27/27
YARNO 3.8 26
YARNO 3.8 26

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

LSGNO Float 9/17/26

FELOST Float 4/22/25
100
NHYNO Float 2/16/26

NHYNO 1.125 25

FELOST Float 5/12/28

NHYNO 2.5 24 FELOST Float 1/17/26

FELOST 5.18 26
50
0 2 4 6 8 10 12
Years to workout

Source: Bloomberg and Nordea estimates

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

KEY CREDIT HIGHLIGHTS

CREDIT-POSITIVE
1 1
The company is publicly rated with an IG BBB- rating from NCR.
CREDIT-NEGATIVE
The seafood industry is heavily dependent on the health of the biological mass, as well as the world's
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

EQUITY RATIO DEBT/EBITDA EBITDA/INTEREST

60,000 65% 3.0x 20.0x

18.7x 18.5x
2.6x 19.0x
50,000 59% 59% 59% 59% 2.5x
58% 58% 60% 2.2x 18.0x
2.2x
2.0x 2.0x 17.0x 16.4x
40,000 1.8x 15.7x
55% 1.5x 1.5x 1.6x 16.0x
54% 1.5x
30,000 1.2x 15.0x
50% 1.0x 0.9x 1.0x 14.0x 13.0x 12.9x 12.9x
20,000 0.6x
0.5x 0.5x 13.0x
45% 0.1x 12.0x
10,000 0.0x
2022 2023E 2024E 2025E 11.0x
0 40% NIBD/EBITDA - base case 10.0x
2017 2018 2019 2020 2021 2022 Q1'23 NIBD/EBITDA - credit case 2022 2023E 2024E 2025E
Gross debt/EBITDA - base case
Equity Liabilities Equity ratio Gross debt/EBITDA - credit case Base case Credit case

Source: Company data and Nordea estimates Source: Company data and Nordea estimates Source: Company data and Nordea estimates

3
7 June 2023 Austevoll Seafood

Introduction to Austevoll Seafood

Austevoll Seafood is an industrial holding company that owns several seafood companies globally. Founded in 1981, Austevoll Seafood has had long engagement in the fishery and
aquaculture industries. Its portfolio spans the seafood value chain, including firms specialising in the production of Atlantic salmon, whitefish and pelagic fisheries. Its scope also includes
primary and secondary processing, sales and distribution. The company is listed on the Oslo Stock Exchange and has a market capitalisation of NOK ~17.4bn.

Austevoll Seafood is a multinational seafood company operating through its portfolio of

companies, which include Lerøy Seafood Group ASA (Lerøy), Austral Group S.A.A. (Austral
Group), FoodCorp Chile S.A. (FoodCorp), Br. Birkeland AS, Br. Birkeland Farming AS and
Pelagia Holding AS. The company holds a strong position in the production of Atlantic
salmon and trout, spanning the entire value chain from roe and smolt production to end
products for consumers. Additionally, Austevoll has a significant presence in whitefish
fisheries, managing the entire value chain from catch to end product. The company is also
involved in pelagic operations, fishmeal and fish oil production, protein concentrate and
frozen pelagic consumer products. Austevoll also operates sales divisions in Norway,
Europe, Asia, the US and South America.

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

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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

Source: Company data and Nordea estimates

SHARE OF EBITDA, Q1 2023 LTM HISTORICAL SEGMENT REVENUE SPLIT

10,000,000
Consolidated Ownership-adjusted 9,000,000
Br. Birkeland Foodcorp Br. BirkelandFoodcorp
Austal 7% 3% 6%
8,000,000
5%
Group 7,000,000
8% Austal
Group 6,000,000
12 %
5,000,000
Pelagia 4,000,000
14 %
Lerøy
3,000,000
56 %
Pelagia
2,000,000
Lerøy
68 % 21 % 1,000,000
0
Q1-2015 Q4-2015 Q3-2016 Q2-2017 Q1-2018 Q4-2018 Q3-2019 Q2-2020 Q1-2021 Q4-2021 Q3-2022
Lerøy Austral Group Foodcorp Chile Br. Birkeland Farming
*Income from Pelagia is reported as income from associated companies and not included in this graph
Source: Company data and Nordea estimates
Source: Company data and Nordea estimates

5
7 June 2023 Austevoll Seafood

Austevoll is present in the entire value chain

y Austevoll, through its portfolio companies, is a world-leading player in the production
of Atlantic salmon. The company's operations encompass the entire value chain, from
salmon roe and smolt production to the supply of salmon to end consumers.
y In addition to salmon, Austevoll has a major business within whitefish fisheries. The
company controls the entire value chain for whitefish, starting from the catch and
extending to the end products.
y The company is also actively engaged in pelagic operations within the fisheries
industry. This includes activities related to pelagic fish species such as herring, mackerel
and sardines. Austevoll participates in the production of fishmeal, fish oil, protein
concentrate and frozen pelagic consumer products.

AUSTEVOLL IS PRESENT IN THE ENTIRE VALUE CHAIN

Source: Company data and Nordea estimates

6
7 June 2023 Austevoll Seafood

Capital structure and leverage CAPITAL STRUCTURE

y Austevoll has a capital structure with an equity ratio that has hovered around 60% 60,000 65%
historically.
59% 59%
y The company has a diversified debt structure, including bonds, lease liabilities, 50,000 59% 58% 58%
59% 60%
mortgages, RCF and other smaller loans. The primary source of this debt is mortgages, 40,000
19,900
20,460
55%
although their share has been decreasing as the company has increasingly diversified. 54%
16,500 16,750
18,594
30,000 15,501
y Net interest-bearing debt has increased over the past couple of years, in line with the 16,137
50%
growth of the company. With a subsequent increase in EBITDA, net interest-bearing 20,000
28,162 29,807
debt (NIBD)/EBITDA has remained stable at 1.2x following its spike during the COVID 10,000 19,172 22,454 23,331 22,991 25,187 45%
pandemic in 2020.
0 40%
2017 2018 2019 2020 2021 2022 Q1'23
Equity Liabilities Equity ratio

Source: Company data and Nordea estimates

LEVERAGE DEBT STRUCTURE

8,000 7,341 1.8x 14,000
6,992
7,000 1.6x 1.6x 11,823
12,000 10,958 11,331
5,942 10,405
6,000 5,629 1.4x 10,000
1.2x 1.2x 1.2x 1.2x
5,000 8,000
1.0x
4,000 6,000
0.8x
3,000 4,000
0.6x
2,000 0.4x 2,000
1,000 0.2x 0
2020 2021 2022 Q1'23
0 0.0x
Mortgages Bond loans
2020 2021 2022 Q1'23
Other loans Lease liabilities to credit institutions
Net interest-bearing debt NIBD / EBITDA
Lease liabilities other than to credit institutions Overdraft facility
Source: Company data and Nordea estimates
Source: Company data and Nordea estimates

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

LERØY: REVENUE AND EBIT LERØY: LEVERAGE

30,000 25% 5,000 1.5x 1.6x
4,500 1.3x 1.4x
25,000 1.2x 1.2x
20% 20% 4,000
1.2x
18% 3,500 1.0x
20,000
15% 3,000 1.0x
13% 12%
15,000 13% 2,500 0.8x
10% 0.6x
10% 2,000 0.5x 0.6x
10,000
1,500
0.4x
5% 1,000
5,000
500 0.2x
2,262 2,546 2,641 3,521 3,297 4,346 4,302
0 0% 0 0.0x
2017 2018 2019 2020 2021 2022 Q1'23 LTM 2017 2018 2019 2020 2021 2022 Q1'23 LTM
Revenue EBIT EBIT margin NIBD NIBD / EBITDA (incl. operational leases)

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

AUSTRAL: REVENUE AND EBITDA

3,000 40%
38%
35%
2,500 33%
30%
2,000 27%
26% 25%
25%
1,500 20%
18%
15%
1,000
10%
500
5%

0 0%
2017 2018 2019 2020 2021 2022 Q1'23 LTM
Revenue EBITDA EBITDA margin

Source: Company data and Nordea estimates

9
7 June 2023 Austevoll Seafood

Introduction to FoodCorp FOODCORP: LOCATED IN CHILE

y FoodCorp is 100% owned by Austevoll. The company operates an integrated value
chain encompassing fisheries, consumer product production, and fishmeal and fish oil
production in Chile.
y FoodCorp holds a significant portion of the horse mackerel quota established for the
fleet to which the company's vessels belong, accounting for approximately 8.6% of the
quota.
y Furthermore, FoodCorp purchases anchovies and sardines from third-party fishing
vessels to support its production of fishmeal and fish oil.
y The frozen production of consumer products derived from horse mackerel serves as the
primary value driver for FoodCorp. The company's ability to process and transform
horse mackerel into frozen consumer products is the key aspect of its operations.

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

FOODCORP: REVENUE AND EBITDA

1,000 30%
900 27% 26% 25%
800 24%
700 22%
20%
600
500 16% 15% 15%
400
10%
300 8%
200
5%
100
0 0%
2017 2018 2019 2020 2021 2022 Q1'23 LTM
Revenue EBITDA EBITDA margin

Source: Company data and Nordea estimates

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7 June 2023 Austevoll Seafood

Introduction to Pelagia PELAGIA: LEVERAGE

y Pelagia Holding AS is a prominent producer of pelagic fish products catering to human 4,500 5.4x 6.0x
consumption, as well as a supplier of fishmeal, fish oil and protein concentrate for 4,000
animal feed. Austevoll Seafood holds a 50% ownership stake, while the remaining 5.0x
3,500
3.9x
owners include Kverva Industrier and Pelagia management. 3,000 3.6x 4.0x
3.2x 3.3x
y Pelagia operates through three distinct operational and financial segments, each 2,500
3.0x
2.4x
focusing on different aspects of its product portfolio: 2,000 2.2x

-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.

PELAGIA: REVENUE AND EBITDA PELAGIA: EQUITY RATIO

14,000 18% 4,500 45%
44%
16% 16% 4,000 44%
12,000 15%
14% 3,500 42% 43%
10,000 42% 42%
13%
12% 3,000 41% 42%
8,000 10% 10% 10% 2,500 41%
40%
6,000 8% 2,000 40%
7% 39%
6% 1,500 39%
4,000
4% 1,000 38%
2,000 500 37%
2%
0 0% 0 36%
2017 2018 2019 2020 2021 2022 Q1'23 LTM 2017 2018 2019 2020 2021 2022 Q1'23 LTM
Revenue EBITDA EBITDA margin Equity Equity ratio

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

BR. BIRKELAND: REVENUE AND EBITDA

1,400 45%
42%
39% 40%
1,200 38%
35%
1,000 34%
30%
800 25%
24%
22%
600 20%
15%
400 13%
10%
200 5%
0 0%
2017 2018 2019 2020 2021 2022 Q1'23 LTM
Revenue EBITDA EBITDA margin

Source: Company data and Nordea estimates

12
7 June 2023 Austevoll Seafood

Estimates AUSTEVOLL SEAFOOD: NIBD/EBITDA

3.0x
y Our estimates are based on Nordea's equity estimates for Austevoll Seafood. In 2.5x 2.6x
addition, we have created a credit case to test the robustness of the company, in which 2.2x 2.2x
we shave off 30% of the total EBITDA. 2.0x 2.0x
1.8x
y The estimates reflect the new Norwegian tax regime. 1.5x 1.5x 1.5x 1.6x

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

KEY ESTIMATE DRIVERS FOR LERØY AUSTEVOLL SEAFOOD: EBITDA/INTEREST

20.0x
2019 2020 2021 2022 2023E 2024E 2025E 18.7x 18.5x
19.0x
Volumes 173 187 204 194 193 214 223
18.0x
Lerøy - Aurora 33 35 44 40 47 48 50
17.0x 16.4x
Lerøy - Midt 65 68 73 69 64 75 80
15.7x
Lerøy - Sjøtroll 61 68 70 66 64 73 75 16.0x
Total Norway 159 171 187 175 175 196 205
15.0x
UK - Norskott (50% owned) (NOK/kg) 15 16 17 19 19 19 19
14.0x 13.0x 12.9x 12.9x
13.0x
EBIT margins 2019 2020 2021 2022 2023E 2024E 2025E 12.0x
Total farming 8 9 18 20 23 23 11.0x
Lerøy - Aurora (NOK/kg) 21 12 10 18 21 27 21 10.0x
Lerøy - Midt (NOK/kg) 13 12 12 21 19 22 19 2022 2023E 2024E 2025E
Lerøy - Sjøtroll (NOK/kg) 2 2 7 14 19 22 27
Base case Credit case
UK - Norskott (50% owned) (NOK/kg) 14 7 12 20 29 29
Source: Company data and Nordea estimates Source: Company data and Nordea estimates

13
7 June 2023 Austevoll Seafood

SUMMARY OF ESTIMATES FOR AUSTEVOLL SEAFOOD

Base case Credit case

2022 2023E 2024E 2025E 2023E 2024E 2025E
EBITDA 5,782 6,561 7,691 7,591 4,592 5,384 5,314
EBITDA change in credit case -30% -30% -30%
Pre-tax profit 5,428 5,122 5,764 5,636 3,154 3,456 3,358
Net profit to equity 2,490 2,145 2,661 2,373 641 1,046 779

FFO 4,566 4,868 5,551 5,491 3,232 3,936 3,897

Cash flow from operations 3,195 4,517 5,884 5,854 2,881 4,269 4,260
Cash flow from investments -1,675 -2,114 -2,125 -2,125 -2,114 -2,125 -2,125
Free cash flow 1,520 2,403 3,759 3,729 767 2,144 2,135
Dividends paid -1,752 -1,238 -1,216 -1,216 -321 -523 -389
Payout ratio 70% 58% 46% 51% 50% 50% 50%
Cash flow from financing -2,547 -1,023 -1,216 -1,216 -106 -523 -389
Net change in cash -1,027 1,402 2,543 2,513 683 1,621 1,746

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

LTV and holding companies' interest-bearing liabilities

y Owing to significant volatility in the seafood sector, we calculate average EBITDA over
a suitable period stretching from 2020 to Q1-2023 LTM and refer to this as "Best est.
EBITDA".
y Using mark-to-market value on Lerøy, as well as conservative EV/EBITDA multiples of
5x for assets located in Norway and 4x for assets located in Peru and Chile, we
calculate a total gross asset value of NOK 18,733m for Austevoll's holding companies.
y We estimate pro forma total interest-bearing debt at NOK 1,213m. Moreover, we note
that all of Austevoll's portfolio companies have very conservative leverage.
y Based on the mark-to-market value of Lerøy and EV/EBITDA of the other holdings, we
estimate LTV at a very conservative 6.9% for Austevoll. Net LTV would be negative
owing to the positive cash position.

GROSS ASSET VALUE (NOKm, % OF TOTAL GROSS ASSET VALUE) LIABILITIES

Br. Birkeland AS 132 , 1% FoodCorp Chile S.A. 938 , 5% Post bond

NOKm 2020 2021 2022 Q1 2023
issuance
Br. Birkeland Farming AS 684 , 3%
Liabilities to credit institutions non-current 182 10 10 178 178
Austral Group S.A.A. 1,332 , 6%
Bond loans 490 490 490 490 1,000
Other interest-bearing liabilities non-current - 57 67 68 68
Other interest-bearing liabilities current 513 - 164 166 166
Pelagia Holding AS 2,424 , 12% Current share of non-current liabilities - 72 68 - -
Overdraft facility - - 48 - -
Total interest bearing debt 1,185 629 847 903 1,413
Liquid assets 743 358 224 72 582
Cash pool receivalbes and other interst-bearing 254 144 692 904 904
Lerøy Seafood Group ASA 14,911 , 73% Total interest-bearing assets 997 502 915 976 1,486
Net interest-bearing debt 187 127 - 68 - 73 - 73

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

Income and cost in the parent company

y The majority of costs and income that Austevoll generates are financial expenses and TOTAL COST AND DIVIDENDS PAID TO OWN SHAREHOLDERS, 2017-22
income. We estimate total costs and income for the company in order to assess
whether the holding company over time will be able to balance dividends paid out to 1,400
own shareholders and operating expenses to own shareholders with the income 1,225
received from its own holdings. 1,200 1,080 41
978
y When assessing Austevoll's total costs, we include dividends paid to its own 1,000 39
811 35
shareholders, operating expenses and total financial expenses. Of these, we note that 800 720
660 34
total dividends paid to Austevoll shareholders amount to the lion's share of expenses. 35
600 32
y When assessing total income, we include dividends received from holding companies,
other operating income, group contributions, operating revenues, interest income from 400
group companies and gain on sales of shares. Historically, we note that dividends 200
559 971 630 727 910 1142
received make up the lion's share of total income. -
y Most of the dividend income has historically been received from Lerøy, Austral, Pelagia, 2017 2018 2019 2020 2021 2022
FoodCorp and Brødrene Birkeland. Total dividends paid to shareholder Operating expenses

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

1,300 1180 2,500

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,
resulting in an average payout ratio of 91%, cost coverage of 1.0x and an equity ratio of
69% in the period 2017-22. Overall, we view Austevoll's dividend distribution to own
shareholders as prudent.
ON AVERAGE, PAYOUT RATIO WAS 91% FOR AUSTEVOLL IN 2017-22
6 120%
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

Source: Company data and Nordea estimates

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

7,000 76% 1,400 1.2x

74% 74% 1.0x
6,000 1,200 1.0x
72% 72%
5,000 70% 70% 1,000
69% 69%
68% 68% 0.8x
4,000 66% 800
64% 0.6x
3,000
62% 62% 600
2,000 60% 0.4x
400
58%
1,000
56% 200 0.2x
- 54%
2017 2018 2019 2020 2021 2022 Average - 0.0x
2017 2018 2019 2020 2021 2022 Average
Total assets Total equity Equity ratio Total income Total cost and dividends paid to own shareholders Cost coverage
Axis Title
Source: Company data and Nordea estimates
Source: Company data and Nordea estimates

17
7 June 2023 Austevoll Seafood

Rated peers with similar credit risk

Company Austevoll Seafood Lerøy Seafood
Austevoll Seafood ASA Lerøy Seafood Group ASA
operates fish farms for supplies and exports seafood
salmon and other ocean fish products. The Company
in Norway. offers salmon, fjord trout, cod,
saithe, herring, shellfish, and
other seafood. Leroy Seafood Company exercises active
Group serves customers
globally.
Aker ASA
Aker ASA is an industrial
investment company that
specializes in the oil and gas,
seafood and marine
biotechnology sectors. The
ownership based on industrial
and financial expertise. Aker
is a significant shareholder in
several listed oil service, oil
exploring, fishing and shipping
companies, with operations in
every region of the world.
Felleskjøpet Agri Salmar DFDS
Felleskjoepet Agri SA Salmar ASA operates DFDS A/S operates focused
operates as an e-commerce fisheries that produce salmon. transport corridors combining
discretionary company. The The Company focuses on the ferry infrastructure, including
Company offers wide range of sea farming, processing, and port terminals and rail
forest, hardware, household, trade of numerous kinds of connections, and logistics
recreational, pet, automobile, fish and shellfish. solutions including door-door
garden, hunting, leisure, full/part loads for dry goods
clothing, shoes, and other and cold chain as well as
products. Felleskjoepet Agri contract logistics for select
serves customers in Norway. industries. Passenger ferry
services are provided in
corridors with travel demand.

NCR BBB- BBB+ NR NR BBB+ NR

Scope NR NR BBB- BBB- NR BBB-

Business risk profile bbb- bbb- BB BBB- bbb BBB

Financial risk assessment Equal Stronger Stronger Stronger Stronger

Overall assessment Weaker Stronger Equal Weaker Equal

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

Reported numbers and forecasts

INCOME STATEMENT
NOKm 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E
Total revenue 18,905 20,799 22,837 23,342 22,447 26,633 31,148 32,272 34,836 35,756
- growth 23.8% 10.0% 9.8% 2.2% -3.8% 18.7% 16.9% 3.6% 7.9% 2.6%
Gross profit 0 0 0 0 0 0 0 0 0 0
- margin 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA 3,881 4,747 5,239 4,261 3,675 4,810 5,782 6,561 7,691 7,591
- margin 20.5% 22.8% 22.9% 18.3% 16.4% 18.1% 18.6% 20.3% 22.1% 21.2%
EBITA 3,036 3,828 4,271 2,922 2,158 3,223 4,049 4,717 5,805 5,675
- margin 16.1% 18.4% 18.7% 12.5% 9.6% 12.1% 13.0% 14.6% 16.7% 15.9%
EBIT 4,462 1,995 5,077 2,616 1,204 4,331 5,238 5,178 5,805 5,675
- margin 23.6% 9.6% 22.2% 11.2% 5.4% 16.3% 16.8% 16.0% 16.7% 15.9%
Net finance -239 -293 -357 -324 -427 -328 -307 -414 -411 -409
Pre-tax profit 4,683 2,200 5,192 2,743 1,027 4,411 5,426 5,122 5,764 5,636
Taxes -975 -369 -962 -590 -205 -959 -1,176 -1,411 -1,729 -1,691
Net profit, continuing operations 3,708 1,831 4,231 2,153 822 3,452 4,250 3,711 4,035 3,945
Discontinued operations 0 0 0 0 0 0 0 0 0 0
Net profit to equity 1,645 1,009 2,214 1,236 493 1,974 2,452 2,145 2,661 2,373
EBITDA (credit adj) 3,881 4,747 5,239 4,261 3,675 4,810 5,782 6,561 7,691 7,591
EBIT (credit adj) 4,462 1,995 5,077 2,616 1,204 4,331 5,238 5,178 5,805 5,675
Interest expense (credit adj) -252 -283 -277 -304 -295 -282 -353 -419 -411 -409

Source: Company data and Nordea estimates

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

Assets held for sale 0 0 0 0 0 0 0 0 0 0

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

Source: Company data and Nordea estimates

19
7 June 2023 Austevoll Seafood

CASH FLOW STATEMENT

NOKm 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E
EBITDA 3,881 4,747 5,239 4,261 3,675 4,810 5,782 6,561 7,691 7,591
Adj due to change in group structure 0 0 0 0 0 0 0 0 0 0
Change in Provisions -8 -36 -37 -35 19 -44 0 2 0 0
Other non-cash adjustments -2 -9 15 1 -2,211 377 635 -258 0 0
Net financials -314 -348 -357 -324 -446 -328 -307 -414 -411 -409
Dividends received 0 0 0 0 0 0 0 0 0 0
Paid taxes -249 -502 -962 -590 -382 1,114 -1,176 -1,411 -1,729 -1,691
Other 24 14 512 293 1,025 -1,439 2,093 656 369 370
Operating cash flow before NWC 3,332 3,867 4,410 3,607 1,679 4,490 7,026 5,135 5,920 5,861
Change in NWC -343 440 -1,006 156 744 -585 -2,905 -945 -36 -7
Operating cash flow 2,989 4,308 3,404 3,763 2,423 3,906 4,121 4,190 5,884 5,854
CAPEX -1,142 -1,840 -2,533 -1,489 -1,423 -1,572 -1,851 -2,125 -2,125 -2,125
Free Operating cash flow 1,847 2,467 871 2,274 1,000 2,334 2,269 2,065 3,759 3,729
Dividends paid -1,419 -507 -1,081 -1,416 -983 -837 -1,750 -1,238 -1,216 -1,216
Share issues / buybacks 0 0 0 0 0 0 0 0 0 0
Discretionary cash flow 428 1,960 -210 859 17 1,497 519 827 2,543 2,513
Other investments / divestments -3,443 -164 -135 1 -13 10 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0
Proceeds from sale of assets 1,828 448 1,051 429 41 0 177 11 0 0
Net change to group borrowing/repaym 743 12 -894 -634 801 -127 -472 495 0 0
Other 1,776 -444 68 -148 -103 -158 -239 0 0 0
Change in cash 1,275 1,329 -682 -142 212 788 -911 1,402 2,543 2,513

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

Source: Company data and Nordea estimates

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.

Source: Company data and Nordea estimates

20
7 June 2023 Austevoll Seafood

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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.
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damages.
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named source.

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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
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may not be realized. When investing in individual shares, the investor may lose all or part of the investments.

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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
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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.

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7 June 2023 Austevoll Seafood

Analyst Shareholding Market-making obligations and other significant financial interest

Nordea analysts do not hold shares in the companies that they cover. Nordea has no market-making obligations in Austevoll Seafood shares.
No holdings or other affiliations by analysts or associates.
As of 05/06/2023, Nordea Abp holds no positions of 0.5% or more of shares issued
by 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.

Recommendation definitions Investment banking transactions

Nordea has a role as Joint Lead Manager and Joint Bookrunner in the contemplated
Attractive issuance of bonds for Austevoll Seafood.
The spread of the instrument is more than 5% above the indicated fair spread

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

All research is produced on an ad hoc basis. The recommendation will not be

updated, and the recommendation is only valid the day it is published.

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 ESG rating methodology

For a description of the methodology used in our proprietary ESG ratings, please
refer to https://research.nordea.com/esg-methodology.pdf

Distribution of recommendations Distribution of recommendations (transactions)*

Recommendation Count% Distribution Recommendation Count Distribution
Attractive 383 37% Attractive 103 47%
Fair 358 29% Fair 70 21%
Expensive 302 34% Expensive 47 32%
Total 1043 100% Total 220 100%
As of 01 June 2023 As of 01 June 2023
* Companies under coverage with which Nordea has ongoing or completed
public investment banking transactions.

Completion Date Issuer Review

This report has not been reviewed by the Issuer prior to publication.
07 Jun 2023, 08:25 CET

Nordea Bank Abp Nordea Bank Abp, filial i Sverige Nordea Danmark, Filial af Nordea Nordea Bank Abp, filial i Norge
Bank Abp, Finland

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