Mowi (Hold, TP: NOK230.00) - Improving, but already expected
Mowi reported Q2 operational EBIT of EUR137m, in line with the figures given in the trading update. The outlook for negative global supply growth and a 10% increase in demand mirrored market expectations. A positive surprise was the raised harvest guidance for 2021 (up from 445kt to 450kt). The proposed total DPS was NOK1.96 (NOK1.0 extraordinary). We have increased our harvest estimates, and incorporated higher costs in Scotland for Q3 and the sluggish recovery in Canadian costs. We have cut our 2021–2023e EPS by 4.1–2.2%, and reiterate our HOLD and NOK230 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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