Mowi falls on rising stock market.
On Monday morning, Mowi presented its preliminary results for the second quarter. An EBIT of €320 million was higher than consensus estimates of €315 million.
Read also: Record high salmon prices fueled Mowi’s €320m Q2 EBIT
“The marginally stronger result is driven by higher harvest volumes than expected in Norway. The total margin is slightly below expectations, as the weaker margins in the United Kingdom and Chile are only partially offset by slightly stronger margins in Norway and significantly stronger margins in Canada. Consumer Products and Feed are also reported on our estimates,” Pareto Securities wrote in an update on Monday.
“We expect fairly limited changes in our estimates based on [today’s] trading update, as reduced estimates for the UK and Chile should be offset by higher estimates especially for Canada,” the report said.
The brokerage has a buy recommendation on Mowi, with a price target of NOK 280.
Despite a marginally better result than expected; Mowi’s share price ticks down 0.7 percent, to NOK 220.60, on an otherwise positive Oslo Stock Exchange. While the total index has fallen by 1.9 percent so far this year, Mowi’s market value has increased by 4.7 percent.
