Mowi (Hold, TP: NOK225.00) - Below consensus for Q3e
We expect operating EBIT of EUR135m in Q3, c9% below consensus of EUR149m. We believe the Q3 results will likely be hurt by the mortality event in Newfoundland (450,000 fish killed), which we estimate had a EUR5m negative impact, down from the reported EUR15m in ISA costs in Q2. We now also expect slightly higher costs in eastern Canada in Q4. We have cut our 2021–2022e EPS by 6.3–0.4% and trimmed our target price to NOK225 (230). We reiterate our HOLD.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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