Mowi reported an operational EBIT of EUR 99m – in line with its trading update guiding. The company’s opex/kg is high, and we have lowered our estimates by 6% and 7% for 2020–21. As Mowi’s NIBD is on par with its target, we now assume zero dividends for H2/20, while expect NOK 8 per share for both 2021 and 2022. The company is however vulnerable to soft salmon prices, and we stick to our Hold rating and lower our TP to NOK 175 (185).
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Increased uncertainty short-term
Mowi reported an operational EBIT of EUR 99m – in line with its trading update guiding. The company’s opex/kg is high, and we have lowered our estimates by 6% and 7% for 2020–21. As Mowi’s NIBD is on par with its target, we now assume zero dividends for H2/20, while expect NOK 8 per share for both 2021 and 2022. The company is however vulnerable to soft salmon prices, and we stick to our Hold rating and lower our TP to NOK 175 (185).