- Salmon spot prices rallying have offset slight volume declines and helped achieve substantial operating profit and revenue growth.
- Profits on the vertically integrated feed division beginning to take a hit from input price inflation, luckily Salmon as a protein converts at the highest rates on feed inputs.
- Retail sales continue to grow meaningfully, offsetting issues in the foodservice channel.
- Norway continues to be the premier market, with every other region suffering from worse environmental conditions, and Mowi is already well exposed.
- Valuation is more or less in line with Leroy Seafood, but we prefer the Mowi exposure as they are entirely focused on Salmon with Leroy also having some other fish exposures.
For further details see:
Mowi: Salmon Resilient To Input Cost Inflation, Could See Canadian Turnaround Medium-Term