Mowi (Hold, TP: NOK218.00) - 2020: Canada set for slow recovery
Q4 operating EBIT was in line with consensus. Mowi proposed a Q4 DPS of NOK2.6, to be paid in Q2 2020. Management guided for higher costs in Norway and Canada in 2020, while the cash flow guidance was better than we expected. The 2020 harvest guidance was maintained, and Mowi sees global supply growth of 2–5%, with favourable demand. We have trimmed our 2020–2021e EPS by 4.1–0.6% to reflect higher costs in Norway and a slower recovery in Canada. We reiterate our HOLD and NOK218 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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