We have lowered our 2020 estimates by 8% following higher cost assumptions, mainly for Norway and Canada, as well as a lower contribution from Consumer Products. In addition, higher than expected WC and CapEx implies that Mowi will be above its NIBD target during H2/20, which could represent downside risk to the quarterly DPS of NOK 2.60. As of now, we still find valuation to be fair and stick to our Hold rating and NOK 235 target price.