Måsøval (Buy, TP: NOK43.00) - Outstanding Q2, low valuation
Operating EBIT was NOK298m (excluding Frøya Laks (FL)), versus our estimate of NOK303m and consensus of NOK296m (including FL). Adjusted for FL, underlying operating EBIT was 17–19% above, respectively. The beat versus our estimate was driven by unusually strong cost/kg in Farming Mid and higher realised prices in both regions. 2024 volume guidance was trimmed by 0.5kt due to ISA, but we find the underlying biological trends to be strong. We reiterate our BUY, have raised our target price to NOK43 (41), and find the valuation attractive at 8.6x 2025e EPS and with a 5.8% dividend yield.
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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