Måsøval (Buy, TP: NOK43.00) - Challenging Q3e ahead
We expect Q3 operating EBIT of NOK53m, NOK37m below consensus of NOK90m. With 7.1kt of harvest reported in the trading update, our estimate corresponds to a group EBIT/kg margin of NOK7.4, hit by c60% of volumes affected by ISA and start-up costs for the new harvesting plant. For 2025 volume guidance, we expect 32.6kt (including Frøya Laks). We reiterate our BUY and NOK43 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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