Mowi (Buy, TP: NOK235.00) - Q3 in line, with a good outlook
Q3 operating EBIT was EUR173m, in line with the trading update on 15 October. The 2024 harvest guidance of 500kt was unchanged, and the 2025 target of 520kt was introduced. The DPS of NOK1.5 was in line with consensus. Management sees global supply growth (<2%) materially below Kontali, but views the biological performance as good, with limited negative effects from jellyfish. We have raised our 2024–2026e EPS by 3.9–1.7%, and reiterate our BUY and NOK235 target price.Marine Harvest is a seafood company engaged in the production of farmed salmon. Co. offers fresh and processed salmon and other processed seafood to customers in 70 countries worldwide. Co. focuses on three principal types of production activities: salmon feed production in Norway, fish farming and primary processing of fish in Norway, Scotland, Canada, Chile, Ireland, and the Faroe Islands, and secondary processing of seafood in Norway, Chile, Ireland, the United States, the United Kingdom, France, Belgium, the Netherlands, Poland, the Czech Republic, Japan, Vietnam, Taiwan, and South Korea.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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