Måsøval (Buy, TP: NOK37.00) - Q4 miss, positive 2024 guidance
Q4 operating EBIT was NOK112m, NOK43m (or 28%) below our estimate and NOK42m (or 27%) below consensus. All segments fell short of our expectations. The 2024 volume guidance was unchanged at 25.7–26.7kt, with 75–80% coming from Mid, while the Q1 guidance was 3.2kt (90% from Mid). The cost guidance for Q1 was down QOQ, in line with our estimates. We expect a neutral share price reaction today.
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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