Måsøval (Buy, TP: NOK47.00) - Impressive Q4 farming margin
Måsøval reported a Q4 EBIT/kg farming margin of NOK21.1. Total EBIT was NOK85m, c9% below our estimate, but 3% above consensus. It maintained its 27.5kt harvest guidance for 2022, but only expects 2kt in Q1 as it tries to maximise available MAB following the Vartdal Group acquisition. We have made minor positive revisions due to lower farming costs and lifted our target price to NOK47 (45). We reiterate our BUY.Mas Gold is engaged in the mineral exploration business. Co. is in the development stage and is in the process of exploring its resource properties and has not determined whether these properties contain reserves which are economically recoverable. The recoverability of amounts shown for resource property costs is dependent upon the discovery of economically recoverable reserves and the ability to obtain the necessary financing to complete their exploration and development.
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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