Mowi (Hold, TP: NOK215.00) - Strong Q1 trading update
Mowi released its Q1 trading update, with operational EBIT of EUR109m, 23% above our estimate of EUR88m and 21% above consensus of EUR90m, driven by higher volumes and a higher margin. Consumer Products also put in a much stronger performance than we expected, while Feed was the only weak spot in the update. The Q1 blended farming cost of EUR4.2/kg marks a continued positive cost trend. We see consensus 2021e EPS up 2–4% on the back of the report and expect to see the share price to rise by 2–4% today. The full report is due at 06:30 CET on 19 May.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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