Mowi ASA (MHGVY)
OTHER OTC:MHGVY
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Mowi ASA
(OTC:MHGVY)
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Rating:69Neutral
Price Target:
$23.50
â–²(6.29% Upside)
Action:Reiterated
Date:05/19/26
The score is driven primarily by good underlying profitability and a stable balance sheet, tempered by weaker recent cash-flow conversion and declining free cash flow. Valuation is a notable positive (very low P/E with a dividend), while technicals remain soft with negative MACD and the stock below key moving averages. Earnings call commentary was net positive on volumes and costs, but near-term pricing and regional headwinds remain a meaningful risk.
Positive Factors
Vertical integration & scale
Mowi’s full value‑chain ownership (farming, feed, processing, distribution) materially reduces input volatility and capture margins internally. Over months this supports cost control, product mix optimization and resilience to spot market swings versus pure-play farmers.
Negative Factors
Weaker cash conversion
Declining FCF and OCF covering only ~61% of net income point to working‑capital swings and elevated investment needs. Over a multi‑month horizon this constrains flexibility for opportunistic M&A, cyclical buffer capacity and sustained dividend funding if cash conversion does not stabilize.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration & scale
Mowi’s full value‑chain ownership (farming, feed, processing, distribution) materially reduces input volatility and capture margins internally. Over months this supports cost control, product mix optimization and resilience to spot market swings versus pure-play farmers.
Read all positive factors
Mowi ASA (MHGVY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.79B
Dividend Yield2.53%
Average Volume (3M)660.00
Price to Earnings (P/E)10.9
Beta (1Y)0.73
Revenue Growth13.38%
EPS Growth178.31%
CountryUS
Employees11,473
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)1.61
Shares Outstanding527,290,600
10 Day Avg. Volume0
30 Day Avg. Volume660
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 Cap1.23
Enterprise Value/Revenue2.25
Enterprise Value/Gross Profit4.71
Enterprise Value/Ebitda8.12
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.49
Revenue Forecast (FY)$7.79B
Mowi ASA Business Overview & Revenue Model
Company Description
Mowi ASA, a seafood company, produces and supplies farmed salmon products worldwide. The company operates through three segments: Feed, Farming, and Sales and Marketing. It is involved in the salmon feed production, salmon farming and primary proc...
How the Company Makes Money
Mowi primarily makes money by producing and selling farmed Atlantic salmon, with revenue driven by sales volume, achieved market prices, and product mix (fresh whole fish versus higher-margin processed/value-added products). Its earnings are gener...
Mowi ASA Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational and strategic picture: record seasonal revenue, very strong harvest volumes, meaningful cost reductions and continued volume guidance were notable positives. These were tempered by significant short-term price pressure from an exceptional industry supply increase in Q1, localized biological incidents (algae) and weaker earnings in some regions (Chile, Canada) and downstream headline profit. Management highlighted medium-term supply normalization, cost leadership, strategic acquisitions and shareholder returns, suggesting confidence in recovery and execution.Positive Updates
Strong top-line and operational profit
Recorded seasonally high revenue of EUR 1.54 billion and operational profit of EUR 221 million (second-best Q1 to date). Operational EBIT increased ~3% year-over-year driven by higher volumes and lower costs.
Negative Updates
Severe price pressure from high industry supply
Industry supply growth adjusted for inventory movements was 14% in Q1, contributing to weak prices through winter/spring (also affected by tariffs and Middle East turmoil); this depressed margins in multiple regions despite higher volumes.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong top-line and operational profit
Recorded seasonally high revenue of EUR 1.54 billion and operational profit of EUR 221 million (second-best Q1 to date). Operational EBIT increased ~3% year-over-year driven by higher volumes and lower costs.
Read all positive updates
Company Guidance
The company reiterated its 2026 farming volume guidance of 605,000 tonnes (≈+8.3% y/y) and its 2029 organic target of at least 650,000 tonnes, with Mowi Norway guided to 380,000 tonnes (+14.5% y/y) and a short‑term Norway target of 400,000 tonnes; Q1 was seasonally strong with 136,000 t harvested (+26% y/y), revenue EUR 1.54bn and operational profit EUR 221m, blended farming cost was EUR 5.46/kg in Q1 (‑7.3% y/y, ‑EUR 46m) and is expected to be stable Q2 before declining in H2, contract share was 21% group (19% Norway) with Q2 contract share/prices expected relatively stable, feed production is targeted at 650,000 t (+11% y/y) and the Skretting partnership targets EUR 55m annual savings, financials include NIBD EUR 2.74bn (vs long‑term target EUR 2.7bn), equity ratio 46%, underlying EPS EUR 0.27 and annualized ROCE 13.1%; management also reaffirmed 2026 cash flow guidance and cited research (Kontali) projecting ~0% industry supply growth for the rest of 2026 and ~1% in 2027 (1–2% from 2028).Mowi ASA Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
71
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.91B | 5.46B | 5.60B | 5.51B | 4.91B | 4.17B |
| Gross Profit | 2.82B | 2.77B | 2.80B | 2.53B | 2.67B | 2.09B |
| EBITDA | 1.63B | 1.01B | 1.22B | 1.42B | 1.44B | 1.03B |
| Net Income | 865.64M | 717.90M | 468.50M | 444.40M | 782.40M | 487.60M |
Balance Sheet | ||||||
| Total Assets | 10.37B | 10.23B | 8.55B | 8.24B | 7.53B | 6.26B |
| Cash, Cash Equivalents and Short-Term Investments | 222.50M | 289.30M | 276.70M | 292.10M | 176.90M | 103.10M |
| Total Debt | 3.54B | 3.46B | 2.68B | 2.57B | 2.40B | 1.88B |
| Total Liabilities | 5.65B | 5.66B | 4.55B | 4.48B | 3.84B | 3.13B |
| Stockholders Equity | 4.53B | 4.37B | 3.84B | 3.59B | 3.51B | 3.13B |
Cash Flow | ||||||
| Free Cash Flow | 445.19M | 494.70M | 542.40M | 595.90M | 309.60M | 588.40M |
| Operating Cash Flow | 878.42M | 870.90M | 916.60M | 992.20M | 644.80M | 833.10M |
| Investing Cash Flow | -878.41M | -804.60M | -332.10M | -413.60M | -469.40M | -133.70M |
| Financing Cash Flow | 17.18M | -62.00M | -598.30M | -458.20M | -99.90M | -706.60M |
Mowi ASA Technical Analysis
Negative
22.11
Price Trends
21.99
Negative
22.46
Negative
22.22
Negative
Market Momentum
-0.15
Positive
38.87
Neutral
-0.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MHGVY, the sentiment is Negative. The current price of 22.11 is above the 20-day moving average (MA) of 21.46, above the 50-day MA of 21.99, and below the 200-day MA of 22.22, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 38.87 is Neutral, neither overbought nor oversold. The STOCH value of -0.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $10.40B | 10.48 | 15.25% | 4.44% | 8.00% | -1.43% | |
69 Neutral | $10.79B | 10.89 | 20.99% | 2.53% | 13.38% | 178.31% | |
63 Neutral | $25.11B | 35.72 | 4.68% | 3.14% | 56.89% | -45.77% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
58 Neutral | $1.40B | 20.13 | 3.43% | 3.34% | 0.22% | -52.50% | |
57 Neutral | $1.33B | 30.51 | 3.18% | 2.23% | 11.38% | -38.18% | |
55 Neutral | $19.63B | 45.77 | 2.50% | 3.48% | 3.91% | -50.15% |
* Consumer Defensive Sector Average
MHGVY
Mowi ASA
20.26
1.55
8.27%
BG
Bunge Global
126.46
53.83
74.13%
FDP
Fresh Del Monte Produce
29.52
-2.49
-7.77%
TSN
Tyson Foods
58.73
5.33
9.98%
DOLE
Dole
14.01
0.45
3.35%
SFD
Smithfield Foods
26.87
4.81
21.78%
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.