MOWI Mowi ASA

Mowi ASA Assigned BBB+ Investment Grade Rating With a Stable Outlook From Nordic Credit Rating

Mowi ASA Assigned BBB+ Investment Grade Rating With a Stable Outlook From Nordic Credit Rating

Nordic Credit Rating has today assigned a first-time long-term issuer credit rating of BBB+ with a stable outlook to Mowi ASA.

The credit rating report from Nordic Credit Rating can be found here:



EN
26/03/2024

Underlying

MOWIMowi ASA

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Reports on Mowi ASA

Alexander Aukner
  • Alexander Aukner
BMK BENCHMARK HOLDINGS
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
05/10/24 May 10, 2024 1 EN
Alexander Aukner
  • Alexander Aukner
Free Trial
MOWI MOWI ASA

Mowi (Buy, TP: NOK235.00) - Operational recovery under way

Q1 operating EBIT was EUR201m and Mowi proposed a DPS of NOK1.5. The Norwegian operations have suffered due to a high share of downgraded fish; however, with new vaccines, increased filleting capacity and better preparedness for jellyfish, we find a brighter outlook. Also, feed input costs have started to turn for the better, and Mowi expects lower costs in H2. We have increased our 2024–2026e EPS by 5.6–2.7%, and reiterate our BUY and NOK235 target price.

05/09/24 May 9, 2024 1 EN
ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun
MOWI MOWI ASA

Strong outlook not reflected in valuation

We keep '24-'25e largely unchanged. Credible expectations of improved biology and earnings. '24e P/E at 13x, a 16% discount to peers and 6-8% yield: BUY.

05/09/24 May 9, 2024 1 EN
Alexander Aukner
  • Alexander Aukner
Free Trial
MOWI MOWI ASA

Mowi (Buy, TP: NOK235.00) - Neutral Q1, positive cost outlook

Q1 operating EBIT of EUR201m was in line with the trading update, but 4% below consensus of EUR210m. Q2 in Norway looks better; Mowi guided for lower costs in H2 and fewer fish downgrades next winter. The 2024 volume guidance remained 500kt. The proposed DPS of NOK1.5 was below expectations of NOK1.9–2.0. Mowi sees global supply growth of 1% in 2024, strong demand in Europe and a market recovery in the Americas. We find the report neutral, and see 0–1% changes to consensus 2024e EPS, with a simi...

05/08/24 May 8, 2024 1 EN
ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun
05/08/24 May 8, 2024 1 EN

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