Mowi (Buy, TP: NOK235.00) - Strong Q4, few potential catalysts
The strong Q4 was due to Norway flowing a surprisingly high superior share. The 2024 cash flow guidance was better than we expected, but partly driven by higher working capital build and investments in 2023. The group harvest guidance was maintained at 500kt, but Q1 suggests more back-end loaded than we forecast. A DPS of NOK1.9 was proposed (we estimated NOK1.8, consensus NOK1.4). We have reduced our 2024e EPS by 2.5% but raised 2025–2026e by 1.8–0.8%. 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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