Måsøval (Buy, TP: NOK58.00) - Q1 misses expectations
Måsøval reported Q1 operating EBIT of NOK75m, 19% below our estimate and 23% below consensus, driven by a high share of downgraded products in the West region. Q2 guidance is for 6kt harvest volumes, with a contract share of below 5% for the rest of 2022. We have cut our 2022e EPS by 9.8% and made smaller changes to 2023–2024e. We have lowered our target price to NOK58 (60) but reiterate our 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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