Måsøval (Hold, TP: NOK32.00) - Mixed Q3e coming up
We forecast Q3 operating EBIT of NOK61m, cNOK10m below consensus of NOK72m. The quarter will likely be mixed, as we estimate an EBIT/kg margin of NOK24.2 for Region Mid but NOK-6.6 for Region West following an ISA outbreak, which resulted in low average harvest weights and additional costs, in our view. We estimate a Group EBIT/kg margin of NOK12.6 based on pre-announced harvest volume of 4.9kt. The full report is due at 06:00 CET on 15 November. We reiterate our HOLD and NOK32 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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