Mowi (Sell, TP: NOK170.00) - Strong trading update
Mowi’s Q2 trading update revealed operational EBIT of EUR208m, c10–5% above our forecast and consensus, driven by higher volumes in Norway and a strong EBIT/kg margin in Norway, Scotland and Chile. We expect 2019 EPS consensus to rise by 1–2% on the back of this update. A EUR19m restructuring cost has been recognised below the operational EBIT line, but a delay in an insurance payout for the Kritsen fires means the EUR208m does not include the expected EUR17m insurance income. We consider this a strong trading update and await more details in the full report (due at 06:30 CET on 21 August 2019).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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