Mowi (Buy, TP: NOK235.00) - Uneventful Q4
Q4 operating EBIT of EUR203m was in line with the trading update, but 5% below consensus of EUR214m. Mowi guide costs up in Q1 on seasonally lower volumes (in line). The 2024 volume guidance remained 500kt. The proposed DPS of NOK1.9 was above our forecast and consensus of NOK1.6–1.4. Mowi sees global supply growth of 2% in 2024e and reasonably good demand. We find the results strong, but the outlook as expected. We expect minor changes to consensus 2024e EPS and a flattish share price reaction today.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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