Måsøval (Buy, TP: NOK40.00) - Expecting a solid Q4; H1 also shaping up nicely
We forecast Q4 operating EBIT of NOK103m (no consensus available) from a pre-announced harvest of 5.0kt, corresponding to an all-in EBIT/kg of NOK20.4. For Farming Mid, we expect a harvest of 4.1kt with an EBIT/kg of NOK24.2, while for Farming West we estimate a harvest of 0.9kt and an EBIT/kg of NOK18.0. We have made only minor changes to our 2022–2024e EPS ahead of the report (due at 06:00 CET on 28 February), and reiterate our BUY and NOK40 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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