Mowi (Buy, TP: NOK180.00) - Strong performance in Norway
Mowi increased its 2022 harvest guidance in Norway to 286kt (270kt) and offered new 2023 guidance of 290kt (consensus: 281kt). With a healthy EBIT/kg margin of EUR2.53/kg in the seasonally weak Q3, Mowi’s Norwegian arm is performing well. The guidance for Canada disappointed, but we have raised our 2023–2024e operating EBIT by 1–2% at the group level. The inclusion of Iceland from Q4e and a model change to the resource tax calculation have triggered an 11.1–15.3% rise in our 2023–2024e EPS. We have increased our target price to NOK180 (165) and reiterate our BUY.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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