Marine Harvest (Hold, TP: NOK185.00) - Strong quarter ahead
We expect Marine Harvest to report Q2 operational EBIT of EUR201m versus current consensus at EUR193m (results due at 06:30 CET on 22 August). A record high salmon price, some NOK9/kg higher than we had expected, has led us to hike our Q2 EPS by 20% and 2018e EPS by 3.7%. We believe volume guidance may be tweaked down in Norway and cost guidance is likely to indicate a flat cost development trend going forward. Comments on demand will likely be positive given the very high Q2 prices. We reiterate HOLD and our NOK185 target price.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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