Mowi ASA (AO) | Hold | Q1 first take: Good DPS, farming cost guided a tad higher-than-expected

研报英文原文证据摘录

Mowi ASA (AO) | Hold | Q1 first take: Good DPS, farming cost guided a tad higher-than-expected

Mowi ASA Hold | Target Price: NOK220.00

Company description Management

Mowi (formerly Marine Harvest) is one of the largest seafood companies in the Ivan Vindheim, CEO

world and by far the largest producer of Atlantic salmon with a 20% market Kristian Ellingsen, CFO

share. The company controls its entire value chain, from feed production to Ørjan Svanevik, Chairman

farming and value-added products. In addition, the company has production Key shareholders

sites in the six largest salmon producing countries in the world. Free float 85.00%

Geveran Trading Company LTD 14.84%

Folketrygdfondet 10.04%

Citigroup Inc 5.43%

Investment case Valuation methodology

Mowi is the global leader in salmon production and aims to farm Our valuation approach consists of a DCF and a P/E multiple,

605,000 tonnes and 650,000 tonnes in 2026E and 2029E blended 50/50.

(including the acquisition of Nova Sea). In our DCF, we apply a 2% long-term growth and a 7.8% WACC.

The salmon market is currently experiencing soft spot prices, Risks to our rating

driven by a supply shock, coupled with threats from US tariffs, Costs surprise on the upside (lower mortality related cost and

which negatively impact supply distribution and demand. fixed cost dilutive effects).

We estimate that Mowi's volume will grow at 5% CAGR over the Spot prices exceed our expectations.

coming years, but we factor in a margin squeeze in the short- to Higher synergy realisation from the Nova Sea deal.

medium term, driven by softer spot prices.

Catalysts

Salmon price expectations tick in.

Increase in feed raw material prices, reversing the positive

trend.

Supply/demand imbalance short-term, with high Chilean supply

and weaker US demand.