Måsøval (Buy, TP: NOK39.00) - In line with consensus for Q1e
We expect Q1 operating EBIT of NOK89m, in line with consensus of NOK93m, from a 3.6kt harvest, corresponding to a group EBIT/kg of NOK24.8, including 35% downgrades in Farming Mid. We also see the potential for Q2 volume guidance being a positive at Q1 reporting (we model 10kt incl. Frøya Laks), and estimate EBIT of NOK341m in Q2, 37% above consensus. We reiterate our BUY and NOK39 target price.
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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