Måsøval (Buy, TP: NOK32.00) - Hampered by sea lice
Q4 operating EBIT of NOK3m was NOK36m below our estimate and NOK24m below consensus, and reflected sea lice challenges for region Mid and continued start-up costs for Sales & Processing. Region West reported another quarter with operating progress and solid results. The 2025 volume guidance of 29–31kt was unchanged, with 4–4.5kt guided for Q1 and stable costs QOQ. We reiterate our BUY, but have cut our target price to NOK32 (34) on our lowered estimates.
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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