Leroy Seafood shares tipped as “must own stock” Published: 23 March, 2011
SHARES in the Norwegian-owned Leroy Seafood Group Norway have been tipped by one of America’s most respected stock market analysts as a likely target for investors this year.
The company has been upgraded by Shayne Heffernan of the US public markets consultancy Ebeling Heffernan to “a strong buy” with a 2012 share price target of 234 Norwegian kroners. Shayne Heffernan said in his note to traders, the low P/E, strong growth and 6.67 per cent dividend yield make Leroy a must own stock.
No reason was given for the upgrade tip, but Ebeling Heffernan (EH) is a well known public markets Consultancy Company formed by two experienced stock market analysts, each of whom founded and currently operate two venture capital companies in the USA and Hong Kong. EH showcases its client’s products and services throughout Asia and invests in innovative businesses, the latest technology, novel pharmaceuticals, and new markets.
EH offers local companies access to the USA public market sector, providing corporate consultancy, representation, finance, and introductions to global public markets.
Founded on Bergen fish market at the end of the 19th century, Lerøy Seafood Group is the leading exporter of seafood from Norway and is in the business of meeting the demand for food and culinary experiences in Norway and internationally by supplying seafood products through selected distributors to producers, institutional households and consumers. The group’s core activities are distribution, sale and marketing of seafood, processing of seafood, production of salmon, trout and other species, as well as product development.
Leroy operates through subsidiaries in Norway, Sweden, France and Portugal and through a network of sales offices that ensure its presence in the most important markets.
In January Leroy bought a majority stake in the Finnish seafood distribution business Jokisen Eväät.Lerøy said the acquisition of a 51 per cent stake in the firm was part of its strategy to grow in the Nordic region.