Mowi ASA (MHGVY) AI Stock Analysis

Mowi ASA

(Other OTC:MHGVY)

Select Model

Rating:77Outperform

Price Target:$27.00▲(14.21% Upside)

Action:reiterated

Date:08/19/26

The overall score reflects solid financial performance and a reasonable valuation as the primary strengths, supported by constructive recent earnings momentum, while cyclical margins, rising leverage, volatile free cash flow and execution risks in certain regions, together with only moderately positive technical signals, prevent a higher rating.

Positive Factors

Integrated global salmon platformMowi’s vertically integrated model gives it control across production, processing and distribution, supporting supply reliability, customer relationships and value capture beyond basic fish sales. Geographic diversification also broadens market access and reduces reliance on one farming region.

Negative Factors

Weak and uneven cash conversionCash generation is positive but converts accounting earnings inefficiently, with working-capital swings or investment needs absorbing a substantial share of profit. Choppy free cash flow can constrain debt reduction, dividends and internally funded expansion during weaker operating periods.

Mowi ASA (MHGVY) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $12.43B
Dividend Yield: 3.35%
Average Volume (3M): 17.31K
Price to Earnings (P/E): 17.2
Beta (1Y): 0.67
Revenue Growth: 15.29%
EPS Growth: 102.30%
Country: US
Employees: 11,473
Sector: Consumer Defensive
Sector Strength: 62
Industry: Agricultural Farm Products

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: Fe...

How the Company Makes Money

Mowi makes money mainly by producing and selling farmed Atlantic salmon and related value-added seafood products. Its core revenue model is volume- and price-driven: it grows salmon (from eggs/smolt through seawater farming), harvests fish, and sells...

Mowi ASA Earnings Call Summary

Earnings Call Date:Aug 17, 2026(Q2-2026)|% Change Since:11.64%|Next Earnings Date:Nov 03, 2026

Earnings Call SentimentPositive

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.

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

Strong revenue growth, resilient profitability and attractive returns on equity are balanced by rising leverage, periods of margin compression and uneven free cash flow growth, resulting in solid but not exceptional financial strength.

Income Statement

78Positive

Balance Sheet

74Positive

Cash Flow

73Positive

Financial statement breakdown
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	1.77B	1.01B	1.22B	1.41B	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

Technical Analysis SentimentPositive

Last Price23.64

Price Trends

50DMA21.89Positive

100DMA21.02Positive

200DMA21.53Positive

Market Momentum

MACD0.55Negative

RSI71.96Negative

STOCH88.31Negative

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 23.64 is above the 20-day moving average (MA) of 22.26, above the 50-day MA of 21.89, and above the 200-day MA of 21.53, indicating a bullish trend. The MACD of 0.55 indicates Negative momentum. The RSI at 71.96 is Negative, neither overbought nor oversold. The STOCH value of 88.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MHGVY.

Mowi ASA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (62)

Financial Indicators

MHGVY against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MHGVY	77Outperform	$12.46B	17.16	15.32%	3.35%	15.29%	102.30%
Sector *	62Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
CALM	62Neutral	$2.97B	53.41	2.22%	7.57%	-42.51%	-95.45%
DMC	51Neutral	$1.29B	15.90	4.04%	4.39%	1.27%	3.98%
TSN	48Neutral	$19.67B	34.16	3.18%	3.58%	2.86%	-26.18%
VITL	48Neutral	$372.22M	-614.89	0.05%	―	16.37%	-102.23%
AQB	46Neutral	$15.82M	-0.26	-665.18%	―	―	―

* Consumer Defensive Sector Average

Performance Comparison

MHGVY and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
MHGVY	Mowi ASA	23.64	2.38	11.18%
CALM	Cal-maine Foods	63.56	-23.73	-27.19%
DMC	Del Monte Corporation	27.35	-7.38	-21.26%
TSN	Tyson Foods	57.04	7.16	14.36%
AQB	AquaBounty Technologies	1.19	-0.03	-2.46%
VITL	Vital Farms, Inc.	8.67	-23.51	-73.06%

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.

Date of analysis: Aug 19, 2026

Mowi ASA AI Stock Analysis