Måsøval (Buy, TP: NOK41.00) - Another strong quarter coming up
We expect Q2 operating EBIT of NOK294m, 4% above consensus of NOK283m; however, our Q2e EPS is 19% below consensus driven by our estimate of higher share of earnings belonging to Frøya Laks. With 8.5kt of harvest reported in the trading update, our estimate corresponds to a group EBIT/kg margin of NOK34.7; thus, we believe Q2 is set to be another strong quarter. We reiterate our BUY and NOK41 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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