MOWI (Hold, TP: NOK180.00) - 16% below consensus Q4 earnings
We forecast Q4 operational EBIT of EUR213m, ~16% below consensus of EUR252m. We have trimmed our 2018e EPS by 2.1% to reflect the lower spot price in Q4 than we expected, and cut our target price to NOK180 (200), but reiterate our HOLD recommendation. Mowi normally releases its trading update approximately two weeks after the end of each quarter; its full Q4 report is due to be released at 06:30 CET on 13 February.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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