Måsøval (Buy, TP: NOK45.00) - Steady operations
Måsøval reported harvest volumes of 4.8kt in Q4 2021, below our 5kt estimate, with some volumes pushed into the first few weeks of 2022. We have edged up our Q4 Sales & Processing margin assumption as some higher-margin frozen volumes from Q3 were released in Q4. We estimate the new bank loan to fund the Vartdal acquisition will add NOK3m in one-off costs in Q4. Management said it would not book any earnings from Vartdal in Q4. We reiterate our BUY and NOK45 target price.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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