Mowi (Buy, TP: NOK235.00) - Q1 EBIT miss, but worst looks over
Mowi reported Q1 operating EBIT of EUR201m, versus our estimate of EUR234m and consensus of EUR230m, which had been lowered from ~EUR270m a few months ago. Profit warnings from peers and available market data suggested fish downgrades in Norway would be an issue, but were actually more than we expected. However, the worst seems over, and while we have cut our Q1–Q2e earnings from Norway, and 2024e EPS by 3.3%, we reiterate our BUY and NOK235 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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