Mowi (Buy, TP: NOK220.00) - Growth and cost in focus
With strong headline figures revealed in its Q1 trading update on 18 April, our focus will remain on the outlook. We are going to pay extra attention to comments on growth, especially in Canada, and cost levels. We are still 10–12% above consensus for operating EBIT in 2023–2024e, but 4% below for 2025e. We expect an ordinary dividend of NOK1.9/share, representing 50% of adj. EPS. We reiterate our BUY and NOK220 target price. The Q1 report is due at 06:30 CET on 10 May.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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