Måsøval (Hold, TP: NOK42.00) - Positioned for the top tier
Måsøval operates in central Norway (production area 6), the heart of SalMar country, and aims to close the cost and margin gap to its bigger competitor. Following the recent acquisition of Pure Norwegian Seafood, the company is fully vertically integrated with a targeted 22.5kt harvest volume and all-in costs of NOK37/kg. We initiate coverage on Måsøval with a NOK42 target price and HOLD, following a 25% share price rally since its listing.Masco designs, manufactures and distributes home improvement and building products. The company's Plumbing Products include faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures and toilets. This segment also includes brass, copper and composite plumbing system components and other non-decorative plumbing products. The company's Decorative Architectural Products include cabinet and door hardware, functional hardware, wall plates, hook and hook rail products, and picture hanging accessories. This segment also includes decorative indoor and outdoor lighting fixtures, ceiling fans, landscape lighting and LED lighting systems.
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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