Mowi (Hold, TP: NOK215.00) - Soft Q3 ahead
With weaker than expected spot prices in most markets during Q3, it should come as no surprise that our and consensus estimates have to come down. We have cut our operational EBIT estimate to EUR148m (EUR173m) for Q3, leaving us 28% below consensus. We expect the spot price to recover in Q4 and maintain our NOK55/kg estimate. With lower expected Q3 earnings we have cut 2019e EPS by 3%. However, we reiterate our HOLD and NOK215 target price.Marine Harvest is a seafood company engaged in the production of farmed salmon. Co. offers fresh and processed salmon and other processed seafood to customers in 70 countries worldwide. Co. focuses on three principal types of production activities: salmon feed production in Norway, fish farming and primary processing of fish in Norway, Scotland, Canada, Chile, Ireland, and the Faroe Islands, and secondary processing of seafood in Norway, Chile, Ireland, the United States, the United Kingdom, France, Belgium, the Netherlands, Poland, the Czech Republic, Japan, Vietnam, Taiwan, and South Korea.
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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