Mowi (Buy, TP: NOK270.00) - Share-price drop looks unwarranted
Mowi’s share price had dropped in line with the general market but has been further depressed by the overnight placement of 18.1m shares (3.5% of the outstanding shares) by GBL on 22 June 2022. We believe Mowi’s fundamentals are just as strong as they were six months ago, with supply set to remain limited and spot prices having surged to new highs in Q2. Cost inflation and potential reduced demand due to higher prices and lower purchasing power were already reflected in our numbers. We have upgraded to BUY (HOLD) on valuation grounds and reiterate our NOK270 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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