Måsøval (Buy, TP: NOK42.00) - Q2 on the soft side
Q2 operating EBIT of NOK211m was 12% below our NOK238m estimate (no reliable consensus), with the miss driven mainly by a higher share of harvest from lower margin West than expected. Region West was below our estimates, driven by higher costs from sea lice treatment. The Aqua semi project has been cancelled due to the resource tax. The 2023 harvest volume guidance was unchanged 24.3kt. The cost guidance for Q3 is flat/down QOQ, in line with our estimate. We expect a 1–3% negative 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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