Mowi ASA (MOWI) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Mowi ASA stock NOK 267, price NOK 219, upside +21.5%, quality 55 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range kr 116.78 – kr 239.85 · fair‑value band kr 169.14 – kr 346.05 · the kr 219.40 price screens below the kr 266.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Mowi ASA, a seafood company, produces and sells Atlantic salmon products worldwide. It operates through Feed, Farming, Markets, Consumer Products, and other segments. The company is involved in salmon feed production, salmon farming and primary processing, and seafood secondary processing activities.
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It offers whole fish, plain and marinated fillets and steaks, hot- and cold-smoked salmon, and burgers and patties, as well as breaded, gravad, and sushi products. The company was formerly known as Marine Harvest ASA and changed its name to Mowi ASA in December 2018.
Mowi ASA was founded in 1964 and is based in Bergen, Norway.
Stock analysis
Mowi ASA (MOWI) currently trades at kr 219.40, while our model-based Fair Value estimate is kr 266.51, implying the stock looks roughly 18% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 315.54 per share, and 12 of the 26 models we run sit above the kr 219.40 price.
Bear case: the Dividend Discount group reads lowest at kr 107.10, and 14 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 169.14 (bear) to kr 346.05 (bull), the price of kr 219.40 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Mowi ASA reported revenue of €5.7B in FY2025 versus €4.2B in FY2021, a compound +8.2%/yr. Reported net income was €718M in FY2025, compounding +10.2%/yr from FY2021.
Key figures
Market cap 116B NOK (≈ $12.4B) Large · P/E ratio 16.1 · P/S ratio 2.02 · EPS (TTM) kr 13.64 · Dividend yield 3.0% · Net margin 12.6% · Return on equity 15.5% · Return on assets (EBIT) 13.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −1% fair-value upside, at 21%, MOWI screens cheaper than that median.
Fair Value models
Bearkr 169.14Fair Value kr 266.51Bullkr 346.05
Price kr 219.40 · Upside +21.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 5.94 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.9%
Start year 2020 (pandemic). Over 10 years: +7.1% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +11.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.8%
Dividend (yield on the price)3.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.5% vs 15.1%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 17%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 50% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +8.5% a year for the price and +5.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Moderate moat potential from margins and cash flow is offset by limited durable public signals and thin evidence across most factors.
Main risk: A ban on traditional net-pen salmon farming in British Columbia from 2029 could force Mowi to close or convert its Canadian sites or shift to far costlier closed or land-based systems, cutting output and raising capital needs.
Bull case: Mowi could accelerate adoption of semi-closed and post-smolt systems across regions to meet stricter rules while improving survival rates and securing licences for continued sea-based output at competitive costs.
Bear case: Tightening rules in Canada and Norway plus higher compliance costs could shrink Mowi’s effective farming area and volumes while squeezing margins if land-based alternatives remain uneconomic at scale.
Mowi is trialing semi-closed containment systems for post-smolt rearing in Scotland to tighten control over fish health and survival rates. These setups could cut biological risks that often hit harvest volumes, but they also require fresh capital at a time of expanding overall production targets. Our models see the shares as undervalued, yet will the gains in predictability outweigh the extra operational complexity?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Farm Products · 286 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+21.5% · Above median
Profitability
Return on equity (12 months)15.5% · Top 25%
Return on assets7.0% · Top 25%
Net margin (12 months)10.4% · Top 25%
Operating margin (12 months)1.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)14.7% · Above median
Dividend yield (12 months)3.0% · Above median
Balance sheet
Debt / equity0.64× · Highest 25%
Valuation Multiplesvs Farm Products median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Mowi ASA Fair Value". https://www.fairvalue-calculator.com/stock/MOWI
Frequently asked questions
Is Mowi ASA (MOWI) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of kr 266.51 versus a price of kr 219.40, about +21% upside (undervalued).
What is the fair value of MOWI?
Our model-based fair value for Mowi ASA is kr 266.51 (as of Nov 1, 2026), built from audited fundamentals. The current price: kr 219.40.
What is the quality score of MOWI?
Mowi ASA has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mowi ASA (MOWI)?
Our model-based price target is the fair value of kr 266.51 (as of Nov 1, 2026) from 26 valuation models. Cautious scenario kr 169.14, optimistic scenario kr 346.05. It is a calculation from audited fundamentals, not an analyst target.
What is the Mowi ASA stock forecast for 2026?
Our models put fair value at kr 266.51, about +21% upside versus a price of kr 219.40 (undervalued). Cautious scenario kr 169.14, optimistic scenario kr 346.05. The calculation is refreshed regularly with new filings.
What is the revenue of Mowi ASA (MOWI)?
Mowi ASA reported trailing-twelve-month revenue of about €6.1B (latest available figure, as of Nov 1, 2026).
Does Mowi ASA pay a dividend?
Mowi ASA currently shows a dividend yield of 3.03% relative to its recent price (as of Nov 1, 2026).
What growth is priced into Mowi ASA (MOWI)?
For today's price to be fair in a discounted-cash-flow model, Mowi ASA would have to grow free cash flow by +10.9 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.9 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of MOWI use?
Our models discount Mowi ASA at 8.1 %: a base by market capitalisation (large), damped by beta 0.60, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mowi ASA that is +10.9 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Mowi ASA (MOWI) delivered so far?
Over the past 5 years revenue at Mowi ASA grew +8.9 % a year. The price currently implies +10.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mowi ASA (MOWI) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Mowi ASA (+10.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mowi ASA (MOWI)?
The free-cash-flow yield on the price is 4.48 %: that much free cash flow Mowi ASA produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mowi ASA (MOWI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mowi ASA it is kr 266.51 per share (as of Nov 1, 2026), against a price of kr 219.40. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Mowi ASA stock overvalued or undervalued in 2026?
As of Nov 1, 2026, MOWI trades below its calculated fair value: price kr 219.40, fair value kr 266.51, a gap of about +21% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MOWI?
No. The price is what the market pays today (kr 219.40); the fair value is what the company's own numbers justify (kr 266.51). For Mowi ASA the two are kr 47.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mowi ASA worth?
The market values Mowi ASA at about 116B NOK (market capitalisation, as of Nov 1, 2026). Per share that is kr 219.40; our models calculate a fair value of kr 266.51 per share.
What do the bullish and bearish scenarios say about MOWI?
Our models span a range for Mowi ASA: cautious scenario kr 169.14, base kr 266.51, optimistic kr 346.05 per share (as of Nov 1, 2026, price kr 219.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MOWI?
Mowi ASA trades at a price-to-earnings ratio of 16.1 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 266.51 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 17.3. Other multiples: PEG 1.5, P/B 2.5, P/S 1.8, EV/EBITDA 13.2.
What is the PEG ratio of MOWI?
The PEG ratio of Mowi ASA is 1.50 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Mowi ASA (MOWI)?
Balance-sheet figures for Mowi ASA (as of Nov 1, 2026): return on equity 15.5%, debt of 0.64 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is MOWI from its 52-week high?
Mowi ASA trades at kr 219.40, about 9% below its 52-week high of kr 239.85 and 21% above the low of kr 180.80 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of kr 266.51 is for.
Which stocks are comparable to Mowi ASA?
From the same area (Consumer Defensive) we also value Muyuan Foods Group, Archer-Daniels-Midland Company, Tyson Foods, Inc, Bunge Global SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mowi ASA stock attractive at the current price?
The data as of Nov 1, 2026: price kr 219.40, calculated fair value kr 266.51 (+21%), Quality Score 55/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MOWI calculated?
We run Mowi ASA through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 266.51, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Mowi ASA currently trades 18% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mowi ASA (MOWI)?
The closing price on Nov 5, 2026 was kr 219.40. Our model-based fair value is kr 266.51, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mowi ASA right now?
Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 169.14 to kr 346.05) leaves room in how you read the outcome.
Where does the earnings growth of Mowi ASA (MOWI) come from?
Earnings per share at Mowi ASA grew +11.2 % a year from 2013 to 2024. Broken into its drivers: revenue per share +6.0 %, EBIT margin +4.6 %, tax rate +0.3 %, residual (interest, one-offs) −0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Mowi ASA
How large is the market capitalisation of Mowi ASA (MOWI)?
The market capitalisation of Mowi ASA is 116B NOK (≈ $12.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mowi ASA (MOWI)?
The price-to-sales ratio of Mowi ASA is 2.02 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mowi ASA (MOWI)?
Earnings per share at Mowi ASA are kr 13.64 (price ÷ EPS = P/E 16.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mowi ASA (MOWI)?
The dividend yield of Mowi ASA is 3.0% (payout 48.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mowi ASA (MOWI)?
The net margin of Mowi ASA is 12.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mowi ASA (MOWI)?
The return on equity (ROE) of Mowi ASA is 15.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mowi ASA (MOWI)?
On an EBIT basis the return on assets of Mowi ASA is 13.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mowi ASA (MOWI)?
The operating margin of Mowi ASA is 1.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mowi ASA (MOWI)?
Revenue at Mowi ASA is growing +14.7% versus a year earlier (3y avg +5.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mowi ASA (MOWI)?
Earnings per share at Mowi ASA are growing +480% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mowi ASA (MOWI) carry?
The net debt of Mowi ASA is €2.7B (fiscal year 2025, ≈ 5.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 1, 2026