Måsøval (Buy, TP: NOK39.00) - Soft Q4, exhibition licence bagged
Q4 operating EBIT was NOK112m, 27–28% below our estimate and consensus, with all segments missing expectations. Harvest volume guidance for 2024 was unchanged, but with changes to the regional mix and profile, while cost for region Mid was guided down for Q1. The company was awarded an exhibition licence in Q1, and we have included 1.4kt in harvest volumes from 2026. We reiterate our BUY, and have raised our target price to NOK39 based on the awarded exhibition licence.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.