Got a boost after the presentation of its operating result for the third quarter.
On Monday morning, Mowi presented an operational EBIT of €240 million. It was better than the estimates from the investment banks, which stood at €222 million.
The investors also liked what they saw, sending Mowi’s share price up by 4.8 per cent – to NOK 143.35.
Pareto Securities noted that operating profit was 12 percent above their estimate. The harvest volume was two percent better than expected, mainly due to a higher than expected volume in Norway. At the same time, margins were better than expected in both Norway and Chile, reports TDN Direkt.
Based on the update, Pareto increased its estimate for operating profit in 2022-24 by three percent, but repeats the price target of NOK 190.
Arctic Securities also wrote that Mowi’s update was better than expected, and also refers to Norway and Chile. According to the investment bank, spot prices appear to have bottomed out, and they expect absolute volumes to be significantly lower in the first half of 2023 – which should underpin good prices.
