Mowi (Buy, TP: NOK195.00) - Focus on the medium term
Mowi reported Q2 operating EBIT of EUR99m, in line with consensus, but the cancellation of H1 dividends and gloomy cost guidance disappointed the market. The tough conditions in H2e and poor cost position in east Canada are passing challenges, in our view. Dividends are key for Mowi, and we expect them to resume in Q3 after the biologically high-risk autumn is over. We have cut our 2020–2022e EPS by 3.7–2.4% to reflect higher costs in Canada and the UK. We reiterate our BUY, but have trimmed our target price to NOK195 (200).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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