Want to see MHGVY full AI Analyst Report?
Top Page
Mowi ASA
(OTC:MHGVY)
Select Model
Select Model
Rating:70Outperform
Price Target:
$23.50
▲(5.33% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by solid financial performance (strong margins and returns, manageable leverage) offset by weaker cash conversion and cyclicality, supported by attractive valuation (moderate P/E and ~3.3% yield). Technicals are mildly positive but not strongly trend-confirming, while the latest earnings call was constructive on operations and pricing yet flagged near-term cost/working-capital and debt headwinds.
Positive Factors
Integrated value chain and feed expansion
Mowi’s integration across feed, farming, processing and distribution supports supply control and margin capture. Expanded feed capacity and targeted volume growth can improve scale economics and reinforce its competitive position over several quarters.
Negative Factors
Weak cash conversion and volatile free cash flow
Positive free cash flow is undermined by weak conversion of accounting earnings and year-to-year volatility. Working-capital swings and investment needs can restrict internally funded growth, dividends or debt reduction and reduce financial visibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated value chain and feed expansion
Mowi’s integration across feed, farming, processing and distribution supports supply control and margin capture. Expanded feed capacity and targeted volume growth can improve scale economics and reinforce its competitive position over several quarters.
Read all positive factors
Mowi ASA (MHGVY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.80B
Dividend Yield3.46%
Average Volume (3M)13.69K
Price to Earnings (P/E)15.9
Beta (1Y)0.70
Revenue Growth15.29%
EPS Growth102.30%
CountryUS
Employees11,473
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)1.21
Shares Outstanding527,290,600
10 Day Avg. Volume6,183
30 Day Avg. Volume13,685
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)2.44
Price to Sales (P/S)1.95
P/FCF Ratio21.54
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.31
Revenue Forecast (FY)$7.48B
Mowi ASA Business Overview & Revenue Model
Company Description
Mowi ASA, a prominent international seafood enterprise headquartered in Bergen, Norway, and established in 1964, specializes in the production and global distribution of farmed salmon. Its operations are structured across three distinct divisions:...
How the Company Makes Money
Mowi makes money mainly by selling farmed Atlantic salmon and salmon-based products. Its core revenue stream is the sale of harvested salmon (typically priced per kilogram), sold through a mix of channels such as retailers, foodservice distributor...
Mowi ASA Earnings Call Summary
Earnings Call Date:Aug 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented a largely constructive operational and financial picture: record revenue, strong harvest volumes, cost reductions and a 23% YoY increase in operational profit were highlighted. Several region-specific successes (Norway, Scotland, Canada) and strategic moves (feed expansion, green bond issuance, portfolio divestment) reinforce the positive tone. However, notable headwinds remain — seasonally soft prices (especially in June), consumer division earnings weakness, emerging feed inflation, modest results in Chile and a small rise in net debt. On balance, the positive operational momentum, strong cost discipline and improving price signals outweigh the challenges, though management remains cautious about feed cost inflation and seasonal/environmental risks.Positive Updates
Record Quarterly Revenue and Harvest Volumes
Turnover reached a quarterly record high of EUR 1.60 billion driven by seasonally record-high Q2 harvest volumes of ~150,000 tonnes (company-wide) and strong throughput across the value chain.
Negative Updates
Soft Prices and Regional Price Volatility
Q2 prices were characterized as rather soft for the season; Region West in Norway was hit by June low prices. Management notes continued price softness through the summer despite YoY improvements.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Harvest Volumes
Turnover reached a quarterly record high of EUR 1.60 billion driven by seasonally record-high Q2 harvest volumes of ~150,000 tonnes (company-wide) and strong throughput across the value chain.
Read all positive updates
Company Guidance
Mowi guided to a slightly reduced 2026 farming volume of 600,000 tonnes (down from 605,000) — still +7.4% YoY — while reaffirming a 2029 organic target of at least 650,000 tonnes and keeping Mowi Norway guidance at 380,000 tonnes (short‑term milestone 400,000t). They expect Q3 realized weighted production costs to be relatively stable versus Q2 (Q2: EUR 5.20/kg) but warned of upward feed‑raw‑material pressure, increased working‑capital tie‑up to EUR 150m (from EUR 100m) and higher tax payments guided to EUR 220m; net interest‑bearing debt stood at ~EUR 2.8bn (long‑term target EUR 2.7bn) with an equity ratio of ~43%. On the market, management and Kontali see industry supply near zero for the remainder of 2026, 0–2% in 2027 and 1–2% thereafter, supporting a price recovery (prices were +6% YoY in Q2 and +21% Q3‑to‑date; Mowi’s price achievement was +5% vs reference). Other targets/guidance: feed sales target 650,000t for 2026 (~+11% YoY), working capital and cost‑savings focus (2026 cost‑saving target EUR 30m; YTD EUR 16m), and a Q2 dividend of NOK 2.30 per share.Mowi ASA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
67
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.14B | 5.46B | 5.60B | 5.51B | 4.91B | 4.17B |
| Gross Profit | 2.78B | 2.77B | 2.80B | 2.53B | 2.67B | 2.09B |
| EBITDA | 1.79B | 1.01B | 1.22B | 1.42B | 1.44B | 1.03B |
| Net Income | 652.92M | 717.90M | 468.50M | 444.40M | 782.40M | 487.60M |
Balance Sheet | ||||||
| Total Assets | 10.20B | 10.23B | 8.55B | 8.24B | 7.53B | 6.26B |
| Cash, Cash Equivalents and Short-Term Investments | 264.09M | 289.30M | 276.70M | 292.10M | 176.90M | 103.10M |
| Total Debt | 3.65B | 3.46B | 2.68B | 2.57B | 2.40B | 1.88B |
| Total Liabilities | 5.79B | 5.66B | 4.55B | 4.48B | 3.84B | 3.13B |
| Stockholders Equity | 4.21B | 4.37B | 3.84B | 3.59B | 3.51B | 3.13B |
Cash Flow | ||||||
| Free Cash Flow | 460.19M | 494.70M | 542.40M | 595.90M | 309.60M | 588.40M |
| Operating Cash Flow | 922.03M | 870.90M | 916.60M | 992.20M | 644.80M | 833.10M |
| Investing Cash Flow | -936.05M | -804.60M | -332.10M | -413.60M | -469.40M | -133.70M |
| Financing Cash Flow | 51.57M | -62.00M | -598.30M | -458.20M | -99.90M | -706.60M |
Mowi ASA Technical Analysis
Positive
22.31
Price Trends
20.70
Positive
20.80
Positive
21.67
Positive
Market Momentum
0.39
Negative
68.95
Neutral
60.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MHGVY, the sentiment is Positive. The current price of 22.31 is above the 20-day moving average (MA) of 21.73, above the 50-day MA of 20.70, and above the 200-day MA of 21.67, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 68.95 is Neutral, neither overbought nor oversold. The STOCH value of 60.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MHGVY.
Mowi ASA Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $3.51B | 11.13 | 11.82% | 6.57% | -31.68% | -73.76% | |
70 Outperform | $11.80B | 15.88 | 15.32% | 3.46% | 15.29% | 102.30% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
57 Neutral | $1.54B | 45.65 | 1.69% | 3.65% | -0.14% | -77.00% | |
56 Neutral | $432.75M | -701.42 | 0.05% | ― | 16.37% | -102.23% | |
53 Neutral | $18.03B | 30.98 | 3.18% | 3.94% | 2.86% | -26.18% | |
41 Neutral | $5.82M | -0.23 | -665.18% | ― | ― | ― |
* Consumer Defensive Sector Average
MHGVY
Mowi ASA
22.75
1.48
6.97%
CALM
Cal-Maine Foods
73.23
-34.60
-32.09%
DMC
Del Monte
32.87
-1.73
-4.99%
TSN
Tyson Foods
51.74
-2.43
-4.49%
AQB
AquaBounty Technologies
1.06
-0.09
-7.83%
VITL
Vital Farms
9.89
-38.59
-79.60%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.