Salmon farmers in calmer waters: Berenberg ups Norway's Mowi to 'buy'

SalMar ASA

28/11/2025 10:44

** Berenberg upgrades Mowi MOWI.OL to "buy" from "hold", saying the Norwegian salmon farmer should benefit from significantly higher prices and lower costs in 2026

   ** It expects low global supply growth to support a 17% rise in salmon prices next year, with Mowi set to outperform the market thanks to its recent Nova Sea acquisition and continued expansion of its post-smolt programme

       ** A 5% year-on-year reduction in biomass costs, driven by cheaper feed, is set to lower Mowi's overall farming costs by 5% to EUR 5.19/kg in 2026, Berenberg says

       ** Mowi is accelerating investments in post-smolt capacity and closed containment systems to optimise its farming licences and gain a "significant salmon health advantage", the broker adds

       ** It raises Mowi's PT by 21% to NOK 260 and says the stock's valuation looks attractive versus peer SalMar SALM.OL

       ** Potential negative developments from loss of Canada west coast volumes and unfavourable EU ruling are priced in, it adds

       ** Out of 13 analysts that cover Mowi, nine rate it "strong buy" or "buy" and four "hold", according to LSEG data

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))