Mowi (Hold, TP: NOK245.00) - Strategic review of Feed division
Mowi today announced a strategic review of its Feed division (~5% of group 2024 EBIT), keeping all its options open, including a sale. We value the division at EUR634m, based on a 2025e EV/EBIT of 14x. Under a resource tax regime, there is a strong rationale for a long value chain, and we believe retaining the division would make sense. In the event of a sale at our target value, we estimate we could see a NOK10/share extraordinary dividend (assuming Feed carries 3x EBITDA in net interest-bearing debt). We would expect a small positive share price reaction today.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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