Mowi (MHGVY)

What Moves the Stock

1. 01Norwegian salmon spot price (Fish Pool Index): directly impacts realized prices with 1-2 quarter lag due to contract mix
2. 02Harvest guidance and biological performance: sea lice levels, mortality rates, and growth rates at key farming regions
3. 03Global supply dynamics: Chilean production recovery, Norwegian license capacity, and Faroese/Scottish output
4. 04Input cost trends: soybean meal, fishmeal, and fish oil prices affecting feed costs (40-50% of production cost)
5. 05Currency movements: NOK/EUR and NOK/USD rates impact competitiveness and translated earnings
6. 06Farmed salmon sales (~85% of revenue): whole fish, fillets, and portions sold to retailers, wholesalers, and processors
7. 07Value-added products (~10%): smoked salmon, ready-to-eat meals, and branded consumer products
8. 08Feed and other operations (~5%): internal feed production and third-party sales

MHGVY Chart

My Notes

• value - The stock attracts value investors seeking exposure to global protein demand growth with defensive characteristics.
• Rising rates have modest negative impact through higher financing costs on working capital and growth capex (new licenses…
• Watch on earnings: Fish Pool Index (Norwegian salmon spot price): weekly benchmark for Atlantic salmon pricing, Soybean meal futures (CBOT): primary feed ingredient representing 25-30% of production costs, Norwegian krone (NOK/EUR, NOK/USD): impacts export competitiveness and translated earnings.