Mowi (Hold, TP: NOK215.00) - Higher spot prices than expected in Q1
We forecast Q1 operating EBIT of EUR88m, in line with consensus of EUR86m. Norwegian, Seattle and Miami spot prices were all higher in Q1 than we expected, and as a result, we have raised our Q1e EPS by 16% and 2021e by 2.0%. Our 2022–2023e EPS are unchanged, and we reiterate our HOLD and NOK215 target price. The Q1 trading update is due at 06:30 CET on 22 April and full Q1 report due at 06:30 CET on 19th May 2021.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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