Måsøval (Buy, TP: NOK40.00) - Soft results and mixed guidance
Måsøval’s Q4 operating EBIT was NOK44m, NOK59m below our NOK103m estimate (no consensus). The miss was driven by biological challenges in Region Mid, resulting in much higher costs than we expected and one-offs from biological assets. Region West was in line with our expectation. The 2023 harvest volume guidance was cut by 2.1kt to 24.3kt. The company proposed a 2022 DPS of NOK0.50. We have cut our 2023–2025e EPS by 5.7–0.7%, but 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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