Måsøval (Buy, TP: NOK33.00) - Strong Q4e coming up
We expect Q4 operating EBIT of NOK155m, 15% above consensus of NOK135m. With 13% higher volumes QOQ, harvesting generations with better biological performance and from better sites, we find the cost guidance to be conservative and expect a strong Q4, driven by Farming Mid. The report is due at 06:00 CET on 27 February. We reiterate our BUY and have increased our target price to NOK33 (32).
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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