Mowi (Buy, TP: NOK215.00) - Stable cost for H2e
Mowi reported operating EBIT of EUR300m, in line with pre-announced figures. A dividend of NOK2/share for Q2 was announced, in line with our estimates. Higher raw materials prices are not yet seeming to eat into costs, as the company guided for stable group costs of EUR5.6/kg in H2, but increased working capital guidance by EUR200m due to higher feed prices. We have made minor EPS adjustments (2023 affected by one-off implementation costs for the proposed resource tax). We reiterate our BUY and NOK215 target price.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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