Mowi ASA

OB:MOWI Stock Report

Market Cap: NOK 101.4b

Mowi Valuation

Is MOWI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MOWI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MOWI (NOK196.15) is trading below our estimate of fair value (NOK573.95)

Significantly Below Fair Value: MOWI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MOWI?

Key metric: As MOWI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MOWI. This is calculated by dividing MOWI's market cap by their current earnings.
What is MOWI's PE Ratio?
PE Ratio20.2x
Earnings€429.60m
Market Cap€8.68b

Price to Earnings Ratio vs Peers

How does MOWI's PE Ratio compare to its peers?

The above table shows the PE ratio for MOWI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.7x
ORK Orkla
17.2x8.1%NOK 98.1b
SALM SalMar
20.4x23.9%NOK 73.6b
BAKKA P/F Bakkafrost
42.5x62.5%NOK 37.9b
LSG Lerøy Seafood Group
18.8x32.6%NOK 30.4b
MOWI Mowi
20.2x38.1%NOK 101.4b

Price-To-Earnings vs Peers: MOWI is good value based on its Price-To-Earnings Ratio (20.2x) compared to the peer average (24.7x).

Price to Earnings Ratio vs Industry

How does MOWI's PE Ratio compare vs other companies in the European Food Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MOWI 20.2xIndustry Avg. 13.4xNo. of Companies19PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MOWI is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the European Food industry average (13.5x).

Price to Earnings Ratio vs Fair Ratio

What is MOWI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MOWI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.2x
Fair PE Ratio23.6x

Price-To-Earnings vs Fair Ratio: MOWI is good value based on its Price-To-Earnings Ratio (20.2x) compared to the estimated Fair Price-To-Earnings Ratio (23.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MOWI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 196.15
NOK 227.11
+15.8%
9.7%NOK 254.31NOK 180.55n/a10
Nov ’25NOK 190.15
NOK 227.11
+19.4%
9.7%NOK 254.31NOK 180.55n/a10
Oct ’25NOK 190.00
NOK 227.11
+19.5%
9.7%NOK 254.31NOK 180.55n/a10
Sep ’25NOK 184.70
NOK 227.11
+23.0%
9.7%NOK 254.31NOK 180.55n/a10
Aug ’25NOK 183.75
NOK 230.88
+25.6%
9.4%NOK 258.05NOK 186.26n/a10
Jul ’25NOK 178.05
NOK 227.91
+28.0%
8.2%NOK 259.39NOK 195.52n/a10
Jun ’25NOK 187.80
NOK 228.84
+21.9%
9.0%NOK 264.75NOK 194.72n/a10
May ’25NOK 195.95
NOK 234.05
+19.4%
9.1%NOK 275.48NOK 203.20n/a10
Apr ’25NOK 198.95
NOK 232.40
+16.8%
10.6%NOK 271.17NOK 190.82n/a11
Mar ’25NOK 207.40
NOK 229.77
+10.8%
8.3%NOK 249.32NOK 189.98n/a10
Feb ’25NOK 188.30
NOK 222.80
+18.3%
10.0%NOK 248.28NOK 181.32n/a11
Jan ’25NOK 182.00
NOK 211.28
+16.1%
9.1%NOK 235.26NOK 170.19n/a11
Dec ’24NOK 191.50
NOK 217.36
+13.5%
9.3%NOK 243.81NOK 176.38n/a11
Nov ’24NOK 179.75
NOK 220.68
+22.8%
7.7%NOK 242.43NOK 187.43NOK 190.1511
Oct ’24NOK 189.55
NOK 215.08
+13.5%
8.8%NOK 246.14NOK 174.12NOK 190.0010
Sep ’24NOK 192.00
NOK 215.41
+12.2%
8.7%NOK 246.91NOK 174.66NOK 184.7010
Aug ’24NOK 180.75
NOK 214.91
+18.9%
10.2%NOK 240.42NOK 166.26NOK 183.7511
Jul ’24NOK 170.20
NOK 225.67
+32.6%
10.9%NOK 267.82NOK 174.89NOK 178.0511
Jun ’24NOK 191.55
NOK 233.95
+22.1%
9.6%NOK 271.35NOK 181.11NOK 187.8011
May ’24NOK 203.10
NOK 224.17
+10.4%
9.5%NOK 256.45NOK 174.69NOK 195.9511
Apr ’24NOK 193.40
NOK 212.80
+10.0%
8.1%NOK 240.73NOK 176.48NOK 198.9511
Mar ’24NOK 176.70
NOK 204.57
+15.8%
8.4%NOK 232.95NOK 170.78NOK 207.4011
Feb ’24NOK 186.65
NOK 195.95
+5.0%
5.6%NOK 212.50NOK 171.48NOK 188.3011
Jan ’24NOK 167.20
NOK 186.12
+11.3%
9.0%NOK 217.64NOK 161.72NOK 182.0011
Dec ’23NOK 155.65
NOK 185.88
+19.4%
9.0%NOK 219.28NOK 162.93NOK 191.5011
Nov ’23NOK 155.25
NOK 177.25
+14.2%
9.6%NOK 213.87NOK 152.05NOK 179.7511

Analyst Forecast: Target price is less than 20% higher than the current share price.

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