Mowi (Buy, TP: NOK270.00) - Stronger than expected Q2
Mowi’s Q2 trading update (18 July) showed higher harvest volumes and stronger margins than we expected. Consumer Products exceeded our estimate, while Feed fell shy. Q2 operational EBIT was indicated at EUR320m, c2% above consensus and 12% above our estimate at the time. We have raised our 2022e EPS by 2.3% and forecast a Q2 DPS of NOK3.33. We reiterate our BUY and NOK270 target price. The full Q2 report is due at 06:30 CET on 24 August.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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