Måsøval (Buy, TP: NOK56.00) - Record results, but outlook lowered
Måsøval reported Q2 operating EBIT of NOK501m, 7% above our estimate and 17% above consensus, after adjusting for positive one-off effects from changing to IFRS reporting. The beat was driven by strong cost performance and higher-than-expected volumes in Region Mid, which offset a weak Region West. Måsøval guided for Q3 harvest volumes of 5.1kt, and cut its 2022 guidance by c13%, to 22.4kt. The board has decided to pay a DPS of NOK1. We cut 2022e EPS by 13.1% and reduce our target price to NOK56 (58), but reiterate BUY.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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