Mowi (Buy, TP: NOK210.00) - More Q3 headwinds than expected
Mowi’s trading update revealed operating EBIT of EUR203m for Q3, 16% below our estimate of EUR242m and 11% below consensus of EUR229m. The miss was driven by higher farming costs, as feed and consumer products performed well. We have cut our Q3 operational EBIT by 17%, but also believe some of the challenges will hurt the Q4 results, with higher costs and a slightly lower harvest. We have cut our 2023–2025e EPS by 10.1–1.3%, and have trimmed our target price to NOK210 (215), but reiterate our BUY. The full Q3 report is due at 06:30 CET on 18 November.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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