MOWI - NORDEA ROPER SEELG!


Nordea Market er ute med en fersk analyse på MOWI.

Konklusjon Selg. Kursmål 140 kr

We expect Mowi to report operational Q1 EBIT of EUR 132m, which is lower than in Q4 2019, owing to low volumes. For now, the focus is entirely on the COVID-19 situation. Due to lower salmon prices and higher cost estimates for Norway, we lower 2020E-22E EBIT considerably. We expect that the 35-40% of volumes sold on fixed-price contracts will also take a hit towards the end of the year, and Mowi has already guided for lower prices on its contracts from Q1 2020. We also factor in zero dividend in Q1 and Q2 2020. We reiterate our Sell recommendation with a lower DCF-based target price of NOK 140 (210).

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