Måsøval (Buy, TP: NOK51.00) - On course for strong Q1
We have raised our Q1e operational EBIT by NOK13m to NOK63m (results due at 06:00 CET on 11 May; no consensus available), reflecting a 0.5kt increase in harvest volumes and some other minor adjustments. We have also included new reporting segments for Production Areas 5 and 6, which the company will implement from Q1. For 2022e, our EPS is 11% above consensus. We reiterate our BUY and have increased our target price to NOK51 (50).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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