Måsøval (Hold, TP: NOK45.00) - Another solid quarter
Måsøval reported operating EBIT of NOK114m, c12% above our forecast and 2% above consensus. The outperformance was driven by higher realised prices in farming and a higher margin in sales & processing. The acquisition of Vartdal Gruppen for an enterprise value of NOK1.521m is set to add 6.9kt of harvest capacity in production area 5, right next to current operations in production area 6. We have increased our 2022–2023e EPS by 0.7–1.3%, but have cut our 2021e by 5.6% due to reduced harvest guidance. We reiterate our HOLD, but have raised our target price to NOK45 (42).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.