Mowi (Buy, TP: NOK235.00) - Minor model update
Following Mowi’s trading update on 15 July, we have trimmed our 2024e EPS by 4.2% as the update was below our expectations. The miss is probably due to mostly lower-than-forecast realised prices and we consider this a one-off related to a challenging period with winter ulcers, which should not affect earnings for the rest of the year. We estimate Q2 operating EBIT of EUR231m, c9% below still-elevated consensus of EUR253m. We do not consider these changes to be material and have not changed our BUY recommendation. We reiterate our NOK235 target price. The full report is due out at 06:30 CET on 21 August.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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