Marine Harvest is a seafood company engaged in the production of farmed salmon. Co. offers fresh and processed salmon and other processed seafood to customers in 70 countries worldwide. Co. focuses on three principal types of production activities: salmon feed production in Norway, fish farming and primary processing of fish in Norway, Scotland, Canada, Chile, Ireland, and the Faroe Islands, and secondary processing of seafood in Norway, Chile, Ireland, the United States, the United Kingdom, France, Belgium, the Netherlands, Poland, the Czech Republic, Japan, Vietnam, Taiwan, and South Korea.
  • TickerMHG
  • ISINNO0003054108
  • ExchangeOslo Bors
  • SectorFood Producers
  • CountryNorway

Analysts

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Alexander Aukner

Strong Q2 trading update

Marine Harvest (MHG NO, Buy) - Strong Q2 trading update (9 pages)

Alexander Aukner

Q2 results slightly better than trading update suggested

Q2 EBIT adj was EUR197.9m (1% above Financial Inquiry consensus of EUR196m and our forecast of EUR195m) and EBIT/kg was EUR2.53 (2% above consensus of EUR2.50 and our forecast of EUR2.49). Harvest volumes in the quarter were 78.3kt (below consensus of 78.5kt and our forecast of 78.6kt). We expect consensus 2017 EPS to be cut by 2–4%.

Alexander Aukner

Stable dividends ahead

Marine Harvest reported operational EBIT of EUR198m, 1% ahead of us and consensus. Challenges with growth in Norway caused the company to cut its harvest guidance of 25kt, to 377kt, which we and the market partially expected. With significant headroom to its net interest-bearing debt target and indications of a more stable dividend policy ahead, we increased our 2017–2019 dividend expectations to EUR1.30–1.36 (NOK11.7–12.4). We reiterate our BUY recommendation and NOK165 target price.

Alexander Aukner

Intrafish conference takeaways

Our key takeaways from the Intrafish Investor Forum in London (5 September): larger smolt is the way to go in Norway and the Faroes; Chile growth looks disciplined right now; large seafood potential in the US; and new segments are being reached through discount retailers.

Alexander Aukner

Strong Q2 trading update

Marine Harvest (MHG NO, Buy) - Strong Q2 trading update (9 pages)

Alexander Aukner

Q2 results slightly better than trading update suggested

Q2 EBIT adj was EUR197.9m (1% above Financial Inquiry consensus of EUR196m and our forecast of EUR195m) and EBIT/kg was EUR2.53 (2% above consensus of EUR2.50 and our forecast of EUR2.49). Harvest volumes in the quarter were 78.3kt (below consensus of 78.5kt and our forecast of 78.6kt). We expect consensus 2017 EPS to be cut by 2–4%.

Alexander Aukner

Stable dividends ahead

Marine Harvest reported operational EBIT of EUR198m, 1% ahead of us and consensus. Challenges with growth in Norway caused the company to cut its harvest guidance of 25kt, to 377kt, which we and the market partially expected. With significant headroom to its net interest-bearing debt target and indications of a more stable dividend policy ahead, we increased our 2017–2019 dividend expectations to EUR1.30–1.36 (NOK11.7–12.4). We reiterate our BUY recommendation and NOK165 target price.

Alexander Aukner

Intrafish conference takeaways

Our key takeaways from the Intrafish Investor Forum in London (5 September): larger smolt is the way to go in Norway and the Faroes; Chile growth looks disciplined right now; large seafood potential in the US; and new segments are being reached through discount retailers.

Alexander Aukner

Risk/rewarad good, not great

We remain positive on the sector, but risk/reward now seems good, not great. Attractive multiples and strong long-term fundamentals are clouded by too-high short-term market expectations and most price uncertainty still ahead. We have cut our spot price estimates by NOK1/kg for the next two quarters, but increased them for the full years 2018 and 2019 to NOK58/kg (NOK56) and NOK59/kg (NOK56), respectively.

1 director sold after exercising options/sold

A director at Marine Harvest Asa sold after exercising options/sold 1,600,000 shares at 179.737NOK and the significance rating of the trade was 76/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted und...

Ole-Andreas Krohn

Northern Lights

Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Helge André Martinsen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Stefan Gauffin

Northern Lights

Alexander Aukner ...
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Tone Bjørnstad Hanstad

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MOWI ASA loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of MOWI ASA (NO), active in the Farming & Fishing industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date September 10, 2019, the closing price was NOK 205.50 and its potential was estimated at NOK 242.93.

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 15/01/2018

In general, Marine Harvest is in compliance with the Norwegian regulations relating to the organisation and procedures of an EGM. Under ITEM 4, the nomination committee proposes to appoint Mr. Kristian Melhuus as Member of the board of directors. Based on the available information, Mr. Melhuus would not be considered independent since he is serving as Director of Seatankers Management Norway AS, a company affiliated with Marine Harvest's largest shareholder Geveran Trading Co. Ltd. In light of insufficient independent representation on the board, ECGS recommends to vote OPPOSE.

Expert Corporate Governance Service (ECGS)

Marine Harvest - 2018, December 4th

In general, Marine Harvest is in compliance with the Norwegian regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 3, it is proposed to change the name of the Company to "Mowi ASA", in connection with a revised corporate strategy and the launch of a global brand "MOWI". The new "MOWI" brand is aimed at the upper echelon of the salmon market in terms of quality and sales price. The Company expects that (MOWI) sales will increase gradually to exceed EUR 1.0 billion by 2025, generating additional operating income of at least EUR 100 million. ...

Marine Harvest – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Mowi - AGM 29 May 2019

In general, Mowi is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 6, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 7, the board of directors seeks approval of a LT incentive plan. ECGS does not approve of LT incentive plans that do not operate one or more challenging performance conditions. Thus, ECGS recommends to vote OPPOSE. Under ITEM 9, appr...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

As support levels continue to hold for the MSCI ACWI and S&P 500, our neutral but constructive outlook remains. Additionally, we reiterate our expectation for more consolidation and volatility. In today's report we highlight actionable stocks within countries that are displaying bullish price and relative strength trends. • Asia/Pacific. In Japan, the TOPIX continues to exhibit leadership characteristics. Stay overweight. Broadly speaking, global Consumer Staples stocks are lagging, but Japan is the exception. Hong Kong's Hang Seng Index also remains on bullish footing... see pages 2 and 5-11...

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