Mowi rises on solid Q4 performance in Norway, lower farming costs

Mowi ASA

18/01/2024 09:29

** Shares in Mowi  MOWI.OL  rise 4.4% after the Norwegian
salmon farmer reported Q4 harvest volumes, with local analysts
pointing to solid performance in Norway and reduced farming
costs despite lower volumes
    ** "Mowi continue to display a solid farming operations in
Norway while other regions take a 61% hit to consensus on
operational EBIT," says Danske Bank analyst Wilhelm Røe
    ** Carnegie analyst Henrik Knutsen says Mowi's operational
EBIT of EUR 203 mln ($221 mln) surpassed expectations driven by
stronger than anticipated sea performance, despite lower volumes
especially from Scotland
    ** "We also note that blended group farming cost of EUR5.58
in the quarter was down from 5.73 in the previous quarter,"
Knutsen adds
    ** ABG analyst Simon Skåland Brun notes Chile also reported
better than expected EBIT per kilo of EUR 0.40, while margins
were particularly soft in the UK due to severe biological issues
and high mortality
    ** The shares are on track for a best day since Nov. 8, and
among best performers on the pan-European STOXX index  .STOXX 

($1 = 0.9195 euros)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))