Måsøval (Buy, TP: NOK39.00) - Soldiered through a tough quarter
Q3 operating EBIT of NOK-61m was in line with the pre-announced profit warning and reflected biological challenges for Farming Mid (sea lice and ISA) as well as one-off start-up costs for the new harvesting plant in Sales & Processing. Farming West reported solid operational progress and an encouraging outlook. The 2025 volume guidance of 29–31kt was below our 32.6kt estimate, but the 34kt medium-term harvest target was maintained. We reiterate our BUY, but have cut our target price to NOK39 (41) on our lowered estimates.
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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