Måsøval (Buy, TP: NOK40.00) - Soft Q4, but looking good for Q2
Måsøval reported Q4 operating EBIT of NOK44m, NOK59m below our NOK103m estimate (no consensus). The miss was driven by challenging biology in Region Mid, resulting in much higher costs than expected and one-offs from biological assets. Region West reported as expected, despite one-offs from biological assets, meaning its underlying performance was above expectations. The 2023 harvest volume guidance was cut by 2.4kt to 24.3kt. A DPS of NOK0.50 was proposed for 2022. We expect 2–4% negative revisions to 2023 EPS and a similar 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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