Mowi (OB:MOWI) Reports Record Q2 Harvest Volumes, Is The Discount Still Compelling?

Mowi (OB:MOWI) has drawn investor attention after reporting record-high Q2 2026 harvest volumes of 150,000 tonnes, up 13% year over year, along with higher operational EBIT and lower blended farming costs.

See our latest analysis for Mowi.

The Q2 jump in harvest volumes and profit comes as Mowi’s share price has risen 2.01% over the last day and 7.67% over the past week. However, the year to date share price return is still down 18.96%, while the 3 year total shareholder return of 23.75% points to longer term value creation.

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After a record Q2 and a sharp bounce in Mowi’s share price, yet with the stock still down sharply year to date, does the current valuation still offer an appealing trade off between risk and potential reward?

Most Popular Narrative: 16.7% Undervalued

The most followed narrative currently places Mowi’s fair value at NOK237.55 per share compared with a last close of NOK197.90, framing the recent share price bounce against a still material valuation gap.

The current stock price may not fully reflect Mowi's expected normalization of industry supply growth, Following an anomalously high 18% global supply increase in 2025 that pressured prices, the market is set to return to low (1%) growth from 2026 onward, likely resulting in stronger pricing and higher revenues in the medium term.

Read the complete narrative.

Curious what sits behind that valuation gap for Mowi? The narrative leans on multi year revenue growth, shifting margins and a higher future earnings multiple. The exact mix of those inputs is where the story gets interesting.

Result: Fair Value of NOK237.55 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, the Mowi narrative could be challenged if salmon supply stays elevated and continues to pressure prices, or if rising feed costs squeeze margins more than expected.

Find out about the key risks to this Mowi narrative.

Next Steps

With mixed signals around Mowi’s upside and risks, this is a good time to act promptly, review the underlying data, and weigh the 4 key rewards and 1 important warning sign

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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