Måsøval (Hold, TP: NOK42.00) - Well positioned for coming quarters
We expect Q3 operating EBIT of NOK102m, based on a harvest volume of 7.2kt and a farming margin of NOK15.3/kg. Our margin assumption is in line with our Q3 margin forecasts for top-tier operational companies in the space such as SalMar (NOK16.6/kg) and Bakkafrost (NOK14.4/kg). We have reduced our 2021e EPS due to a lower spot price in Q3, while our 2022–2023 estimates are largely unchanged. We reiterate our HOLD and NOK42 target price.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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