Måsøval (Buy, TP: NOK36.00) - Q2 on the soft side
Måsøval’s Q2 operating EBIT was NOK211m, 12% below our NOK238m estimate (no reliable consensus), driven by a higher share of volumes from the lower-margin Region West. EBIT/kg for Region Mid was in line with our expectation, while Region West was below, driven by higher costs. The company cancelled its Aqua Semi project due to the resource tax. We have cut our 2023e operating EBIT by 10% and our 2024–2025e EPS by 7.2–3.6% on the report, prompting us to reduce our target price to NOK36 (42), although we reiterate our BUY.
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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