Måsøval (Buy, TP: NOK58.00) - Set for standout Q2
We forecast Q2 operational EBIT of NOK453m, taking the H1 total to NOK528m – above annual earnings in any year in the group’s history. Given the harvest volumes and contract share reported in the trading update and Q1 report, there are few unknowns for Q2. We expect a record-high EBIT/kg of NOK58.0/kg, with NOK58.2/kg for Region Mid and NOK39.2/kg for Region West. The full report is due at 06:00 CET on 30 August. We reiterate our BUY and NOK58 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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