Mowi (Buy, TP: NOK220.00) - Good Q1 and neutral guidance
The Q1 report was solid, with few weak spots in our view. Headline operating EBIT of EUR322m was already known from the trading update, but DPS of NOK2 was higher than we and consensus expected. Operating performance was guided as good and stable, with costs marginally up in Q2 and lower in H2. We have lowered our 2024–2025 harvest estimates for Canada but raised them for Scotland. Overall, we have trimmed our EPS forecasts by 1.1–2.3%. We reiterate our BUY and NOK220 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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