Arctic: Mowi - Cheap but triggerless

研报英文原文证据摘录

Arctic: Mowi - Cheap but triggerless

Mowi Buy Hold

MOWI NO | Seafood | Equity Company Update | 13 May 2026 | 15:30 Sell

Cheap but triggerless Financials and estimates changes Target NOK 242.00

Mowi delivered mostly as expected. However, a marginally softer Q2 cost outlook sent the Key Figures (EURm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

stock down despite a solid dividend announcement suggesting that the board has strong Recommendation Buy

Revenue 5,616.4 5,726.6 6,350.0 6,894.9 7,513.2 Target Price NOK 242.00

confidence in cash flow ahead. Our impression is that the company is in a relatively strong

EBITDA 1,269.4 1,161.8 1,469.1 1,759.9 1,976.5 Share Price NOK 192.7

cost position in terms of marine ingredients with inventories covering the coming two EBIT 772.5 960.5 992.0 1,292.2 1,506.3 Upside (%) 25.6

quarters, meaning P&L cost is relatively well protected throughout 2027. At our NOK 77/kg EPS 0.92 1.38 1.21 1.56 1.85 Market cap (EURm) 9,429

2026e salmon price, we estimate FCF of EUR 465m – or a yield of ~5%. The yield alone is not Adj. EBITDA 1,277.0 1,180.7 1,458.7 1,759.9 1,976.5 Enterprise Value (EURm) 12,273

enough for a Buy recommendation, but it is a cushion in a year where supply growth has Adj. EBITDA margin (%) 22.7 20.6 23.0 25.5 26.3 Number of shares (m) 527

surprised on the upside. Mowi is currently trading at a ~10% discount to the last 10 years Adj. EPS 0.99 0.86 1.18 1.56 1.85

12 months share price performance:

EV/kg despite having added high margin volumes in Nova Sea recently. Mowi is a decent DPS 0.58 0.55 0.85 1.12 1.33

(%) 3M 6M 1Y

NO -14.9% -12.7% 4.9%value case but we see no obvious triggers near term. We recommend to start accumulating Dividend yield (%) 3.3 3.1 4.8 6.4 7.6 294.29 PerformanceMOWIOSEBX -15.4% -13.8% 1.9%