Måsøval (Buy, TP: NOK44.00) - Low volumes set to limit Q1e
We forecast Q1 operating EBIT of NOK48m (no consensus) from a pre-announced harvest volume of 2.0kt, corresponding to an all-in EBIT/kg of NOK24.0. For Farming Mid, we expect a harvest of 1.1kt with an EBIT/kg of NOK30.0, while for Farming West we estimate a harvest of 0.9kt and an EBIT/kg of NOK35.7. The report is due at 06:30 CET on 23 May. We reiterate our BUY and NOK44 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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