Måsøval (Hold, TP: NOK32.00) - Neutral results and guidance
Q3 operating EBIT was NOK62m, in line with our estimate but NOK7m below consensus. Region Mid was just below our expectations, while region West was above. The 2022 harvest volume guidance was trimmed by 0.2kt to 22.2kt, while 2023 was 26.4kt, in line with our 26.3kt estimate. We have only made minor adjustments to our estimates based on the results and 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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