Marine Harvest (Buy, TP: NOK180.00) - Strong dividend, but soft cost guidance for Q2
Reported EBIT adj EUR158m was in line – 1% above Inquiry cons of EUR157m and 1% below our EUR160m. The 2018 harvest guidance is 419kt, 1% versus cons of 415kt and in line with our 417kt. Overall figures were in line with the trading update, but DPS came in 12% better than expected, at NOK2.6, 12% versus consensus of NOK2.33 and 34% versus our NOK1.94.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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