Mowi (Buy, TP: NOK210.00) - Q4 in line, neutral guidance
Mowi reported operating EBIT of EUR239m, in line with the pre-announced numbers. Guidance was for costs marginally up in Q1 2023, due to lower seasonal volumes, but it sees falling cost of stock in 2023, which is positive. 2023 guidance increased to 484kt (470kt) on inclusion of 15kt from Iceland, with only minor underlying adjustments. DPS of NOK1.70 was somewhat below consensus, but reasonable in our view given the current tax uncertainty. We expect a 0–1% positive revision to consensus 2023 EPS and a similar share price reaction.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.