Måsøval (Buy, TP: NOK34.00) - Q3 in line, 2024 volumes below
Q3 operating EBIT was NOK113m, 4–11% above our estimate and consensus. Farming Mid reported stronger than expected, with EBIT of NOK121m, NOK39m ahead of our estimate, while Farming West, Sales & Processing and other/elim. came in below our expectations. The 2023 harvest volume guidance was unchanged 24.3kt, while 2024 was 25.7–26.7kt, 6–10% below our estimate. Cost guidance for Q4 was flat/down QOQ, in line with our estimates. We expect a 2–4% negative share price reaction today on the 2024 guidance.
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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