Report
Alexander Aukner
EUR 87.46 For Business Accounts Only

Mowi (Buy, TP: NOK235.00) - Mixed Q4 trading update

Mowi’s Q4 trading update revealed operational EBIT of EUR146m, 7% above our estimate but 12% below a bullish consensus. Norway and Consumer Products reported stronger results than we expected, while Scotland, Ireland and the Faroe Islands were weaker. The production cost was reported at EUR4.62/kg, up QOQ and YOY. We have made minor model adjustments to reflect the trading update. We reiterate our BUY and NOK235 target price.
Underlying
Mowi ASA

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Alexander Aukner

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