Måsøval (Buy, TP: NOK41.00) - Strong Q1 and solid Q2 outlook
Q1 operating EBIT of NOK121m was NOK31m–26m (35–28%) above our estimate and consensus, respectively. The beat was driven by an impressive cost performance in region Mid. The 2024 volume guidance was raised by 1–3kt and the outlook for Q2 is strong, with good volumes and >90% spot exposure. We reiterate our BUY and have raised our target price to NOK41 (39).
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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