Mowi (Hold, TP: NOK215.00) - Marginal changes to estimates
Mowi reported operational EBIT of EUR148m, c3% above our estimate but 5% shy of consensus. Management was surprised by the high Q3 volumes, but highlighted that demand was up 5% in value terms and that Mowi has enjoyed generally good demand in most markets. We have trimmed our Q4 estimates on higher cost guidance, but have raised our EPS by 0.1–3.5% for 2020–2021e due to higher volumes. We retain our HOLD, but have lifted our target price to NOK215 (213) due to the higher growth guidance.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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