Mowi (Hold, TP: NOK180.00) - Consensus looks cautious
Mowi reported operational EBIT of EUR109m, in-line with numbers pre-announced on 20th April. Guidance was supportive, with harvest guidance reiterated and costs seen as stable or declining. The company believes demand will recover fully after Covid-19 while the 2021 supply was seen at a low 2%. After a regional review, we have cut our 2021–2022 EPS by 11.8–11.5%. We are still above consensus, which we find conservative. We reiterate our HOLD and NOK180 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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