Marine Harvest (Hold, TP: NOK180.00) - Strong report overall; expecting limited changes to consensus EPS
Overall, a strong Q3 report. The good operational EBIT had been pre-announced in the trading update, but most other items were also in line with or above expectations. A DPS of NOK2.6 was also strong. Costs are guided up QOQ in Q4 in Norway due to lower volumes, while costs in other regions seem set to remain high, although there was no guided increase. Adj. EBIT of EUR207.1m was 13% above consensus (Bloomberg) of EUR184m, and 15% above or EUR180m. Small positive share price move today (1–2%) expected.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.