Marine Harvest (Hold, TP: NOK180.00) - Lowering our growth trajectory
Given that the recent trading update revealed headline figures, focus in the Q2 report was on guidance. Management cut its full-year volume guidance by 20kt to 380kt (400kt), but adjusting for M&A, the reduction was 28kt. We have cut our growth forecast for 2018 in line with guidance, but have also lowered our 2019–2020 growth estimates. We have cut our EPS forecasts by 14% for 2018, 4.2% for 2019 and 1.9% for 2020. We reiterate our HOLD and have trimmed our target price to NOK180 (185).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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