Berenberg hikes PTs on Salmar and Mowi, but sticks to 'hold' rating
03/12/2024 10:25
** Berenberg raises PTs on salmon farmers Mowi MOWI.OL and
Salmar SALM.OL by 8% and 17%, respectively, while keeping a
"hold" rating on both
** Salmon prices, both spot and future, have been increasing
in Norway, and Mowi in particular benefits from growing harvest
volumes, rebounding prices and lower feed costs, Berenberg says
** SalMar on the other hand is still recovering from the
jellyfish attacks that hit its most profitable northern farming
region in early 2024, the broker says
** Mowi is better positioned to handle biological challenges
due to its geographical diversification, but there are still
concerns about fish health related to sea lice, it adds
** Berenberg notes 2024 will be the first year since 2016
that SalMar fails to grow its harvested volumes, after its
second guidance cut this year
** Both companies have sounded more optimistic about 2025
harvest volume growth, it says
COMPANY RATING PT OLD PT
Mowi Hold NOK 195 NOK 180
Salmar Hold NOK 610 NOK 520
(Reporting by Agnieszka Olenska)
((Agnieszka.olenska@thomsonreuters.com))