Mowi (Buy, TP: NOK260.00) - Neutral Q2 versus estimates
Mowi reported a record-high EBIT margin with operational EBIT of EUR320m for Q2, as pre-announced in the trading update. We were encouraged by the strong earnings for consumer products and the guidance for H2 costs to be in line with H1, suggesting an inflection point in the feed cost trend. We have cut our 2022e EPS by 10% due to the lower than expected QTD spot price in the US market, and our reduced growth forecasts for Chile. We reiterate our BUY, but have cut our target price to NOK260 (270).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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