Marine Harvest (Hold, TP: NOK185.00) - Moving into neutral territory
Marine Harvest reported Q1 operational EBIT marginally ahead of consensus expectations, but surprised positively with a NOK2.6 dividend. Management sees strong demand, lower global and own supply as well as declining costs, but not until H2 2018. We have slightly lowered our 2018e EPS, while we have slightly raised our 2019–2020e EPS. We have increased our target price to NOK185 (NOK180), but have downgraded to HOLD (BUY) following the recent share price rally.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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