We expect Mowi to release its Q3 trading update around 15 October. Following lower (~NOK 1.5/kg) than previously expected salmon prices for the quarter, we now expect an EBIT of EUR 81m (95) but above consensus at EUR 69m. Our estimates are unchanged from Q4 onwards. Current salmon prices in the mid NOK 40s and adverse demand effects from Covid-19 represent short-term risks. We stick to Hold and our NOK 175 target price.
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Consensus seems too low for Q3/20
We expect Mowi to release its Q3 trading update around 15 October. Following lower (~NOK 1.5/kg) than previously expected salmon prices for the quarter, we now expect an EBIT of EUR 81m (95) but above consensus at EUR 69m. Our estimates are unchanged from Q4 onwards. Current salmon prices in the mid NOK 40s and adverse demand effects from Covid-19 represent short-term risks. We stick to Hold and our NOK 175 target price.