Måsøval (Buy, TP: NOK32.00) - Resetting volume expectations
Q3 operating EBIT was NOK113m, 4% above consensus and 11% above our estimate. Farming Mid was above our forecast, while Farming West, Sales & Processing and other/eliminations were below. The 2023 harvest volume guidance remained 24.3kt, while 2024 was below our forecast at 25.7–26.7kt and comments on further growth were on the soft side, leading us to cut our 2024–2025e EPS by c15–16%. Following a change of analyst, we reiterate our BUY, but have cut our target price to NOK32 (34).
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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