Mowi (Hold, TP: NOK218.00) - Soft Q4 trading update
The Q4 trading update revealed operational EBIT of EUR165m, c8% below consensus and our expectations. The main deviation was caused by lower margins in Canada, due to higher costs and lower realised prices than we expected. We have reduced our 2019–2020e EPS by 1.8–0.6% following the trading update and lower margins in Canada, and with lower expected volumes in Scotland. We reiterate our HOLD and have trimmed our target price to NOK218 (220). The full Q4 report is due at 06:30 CET on 12 February.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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