Mowi (Buy, TP: NOK245.00) - Resource tax to be set at 25%
On 25 May, the Norwegian government announced it had secured 50.3% support in Parliament for a 25% resource tax, with the final bill set to be voted through on 31 May. We have adjusted our model to account for a 25% resource tax (35%), increasing our 2023–2025e EPS by 6.2–7.7%. We have also applied a 25% resource tax in our DCF valuation beyond our 2025 forecast period. We reiterate our BUY and have raised our target price to NOK245 (220).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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