Mowi ASA (AO) | Buy | Mowi divests its Canada East operations

研报英文原文证据摘录

Mowi ASA (AO) | Buy | Mowi divests its Canada East operations

Mowi ASA Buy | Target Price: NOK225.00

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, Weak salmon prices due to demand/supply and cost inflation.

which negatively impact supply distribution and demand. EU antitrust allegation fine.

We estimate that Mowi's volume will grow at 5% CAGR over the The Iran war continues, and US tariffs increase.

coming years, but we factor in a margin squeeze in the short- to

medium term, driven by softer spot prices.

Catalysts

Costs surprise on the upside (lower mortality related cost and

fixed cost dilutive effects).

Spot prices exceed our expectations.

Favourable supply/demand balance over the next 18-24 months.

Key data charts