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1. Company Snapshot

1.a. Company Description

High Liner Foods Incorporated processes and markets prepared and packaged frozen seafood products in North America.The company provides a range of frozen seafood products, including raw fillets and shellfish, cooked shellfish; and value added products, which include sauced, glazed, breaded and battered seafood, seafood entrees, and breaded cheese sticks, including High Liner, Fisher Boy, Sea Cuisine, Catch of the Day, C.Wirthy & Co., High Liner Foodservice, Mirabel, Icelandic Seafood, and FPI brands.It sells its products directly, as well as through distributors to retail and club stores; and through foodservice distributors to hotels, restaurants, and healthcare and educational organizations.


The company was founded in 1899 and is headquartered in Lunenburg, Canada.

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1.b. Last Insights on HLF

High Liner Foods' recent performance was driven by solid earnings, with Q4 adjusted profit surging and full-year 2024 EPS reaching $1.89, up from $0.94 in FY 2023. The company's ability to navigate challenges and boost gross profit and adjusted EBITDA despite a dip in sales revenue showcases its resilience and strategic foresight. The company's improved financial results for the fourth quarter and full year of 2024, as well as its strong earnings surprise history, are likely to support its performance.

1.c. Company Highlights

2. High Liner Foods' Q3 2025 Earnings: A Mixed Bag

High Liner Foods reported a mixed set of results for Q3 2025, with revenues increasing by 8.6% to $248.6 million, driven by higher pricing, but gross profit declining by 4.1% to $46.3 million due to rising raw material costs and tariffs. Adjusted EBITDA decreased by 29.3% to $15.2 million, and adjusted net income declined by 26.8% to $4.1 million. EPS came in at $0.195, beating estimates of $0.1875. The company's sales volume decreased by 1.8% to 55 million pounds.

Publication Date: Nov -12

📋 Highlights

Segment Performance

The retail segment showed strength, with market share gains driven by successful promotional activations and expanded distribution. The company's premium Sea Cuisine brand accelerated, becoming the fastest-growing brand in the category. In contrast, the foodservice segment was impacted by a tough comparison, with a decline in USDA contract manufacturing volume. However, the company has secured a larger USDA award that will support volumes in Q4 and throughout 2026.

Challenges and Opportunities

The company faced challenges in passing on price increases, with a 10% impact on margin due to tariffs and raw material price inflation. However, High Liner Foods is taking decisive actions to improve performance, including investing in innovation and product development. The company expects a better outcome in Q4, with a decline in year-over-year margin expected to be less than in Q3.

Valuation and Outlook

With a P/E Ratio of 6.06 and an EV/EBITDA of 5.2, the company's valuation appears reasonable. Analysts estimate revenue growth of 6.2% next year, which could support the stock. The company's dividend yield of 5.9% and free cash flow yield of 6.19% are also attractive. As High Liner Foods continues to navigate the challenging environment, its focus on innovation and cost management should help mitigate the impact of tariffs and raw material price inflation.

Capital Allocation

The company is maintaining a balanced approach to capital allocation, with a 3% dividend growth and a continued share buyback program. High Liner Foods aims to maintain a 3x leverage ratio, balancing debt repayment with returning capital to shareholders. The company's CapEx guidance is trending towards the lower end of the $20-24 million range.

3. NewsRoom

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How Analyst Views Are Shaping the Evolving Story for High Liner Foods

Nov -24

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North America Tilapia Market Size and Share Analysis (2025-2033) Featuring Profiles of High Liner Foods, Mowi, NH Foods, Beaver Street Fisheries, Cooke, FCF Co., Pacific American Fish Company, Regal Springs

Nov -14

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High Liner Foods' (TSE:HLF) Anemic Earnings Might Be Worse Than You Think

Nov -13

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How Recent Analyst Shifts Are Reshaping the Story for High Liner Foods

Nov -09

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High Liner Foods Price Target Lowered to $17 at RBC

Nov -07

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High Liner Foods Inc (HLNFF) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...

Nov -06

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Top 3 TSX Dividend Stocks To Consider

Nov -05

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High Liner Foods Q3 2025 Earnings Conference Call Scheduled for Thursday, November 6, 2025 at 10:00 A.M. (ET)

Oct -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Frozen Seafood

Expected Growth: 4.5%

Growing demand for sustainable and responsibly sourced seafood products, increasing health awareness, and rising popularity of seafood-based meals drive the growth of the frozen seafood market.

7. Detailed Products

Value-Added Seafood

High Liner Foods offers a range of value-added seafood products, including breaded and battered fish, seafood cakes, and seafood salads.

Frozen Fish

High Liner Foods offers a variety of frozen fish products, including cod, haddock, and salmon, available in different cuts and packaging options.

Appetizers and Snacks

High Liner Foods offers a range of appetizers and snacks, including seafood-based bites, sticks, and puffs.

Meal Solutions

High Liner Foods offers a range of meal solutions, including seafood-based meals, soups, and chowders.

Breaded and Battered Products

High Liner Foods offers a range of breaded and battered products, including fish sticks, fish fillets, and seafood nuggets.

Private Label and Co-Pack Services

High Liner Foods offers private label and co-pack services, allowing customers to create their own branded seafood products.

8. High Liner Foods Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

High Liner Foods Incorporated operates in a market with moderate threat of substitutes. While there are some alternatives to seafood, the company's products are differentiated by their quality and brand reputation, reducing the threat of substitutes.

Bargaining Power Of Customers

High Liner Foods Incorporated has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are widely distributed, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

High Liner Foods Incorporated relies on a network of suppliers for its raw materials. While the company has some bargaining power due to its size, suppliers also have some power due to the specialized nature of the seafood industry.

Threat Of New Entrants

The seafood industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This reduces the threat of new entrants and allows High Liner Foods Incorporated to maintain its market position.

Intensity Of Rivalry

The seafood industry is highly competitive, with many established players competing for market share. High Liner Foods Incorporated faces intense rivalry from other companies, which can lead to pricing pressure and reduced profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.66%
Debt Cost 8.38%
Equity Weight 60.34%
Equity Cost 8.38%
WACC 8.38%
Leverage 65.71%

11. Quality Control: High Liner Foods Incorporated passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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High Liner Foods

A-Score: 7.1/10

Value: 7.7

Growth: 6.4

Quality: 4.6

Yield: 7.0

Momentum: 8.0

Volatility: 8.7

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John B. Sanfilippo & Son

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Growth: 4.4

Quality: 6.1

Yield: 6.0

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Nature's Sunshine Products

A-Score: 5.0/10

Value: 6.5

Growth: 4.1

Quality: 6.5

Yield: 1.0

Momentum: 7.0

Volatility: 5.0

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LifeVantage

A-Score: 4.6/10

Value: 7.0

Growth: 4.6

Quality: 7.3

Yield: 5.0

Momentum: 1.0

Volatility: 2.7

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Lifeway Foods

A-Score: 4.2/10

Value: 2.2

Growth: 8.2

Quality: 6.2

Yield: 0.0

Momentum: 5.0

Volatility: 3.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.63$

Current Price

13.63$

Potential

-0.00%

Expected Cash-Flows