Mowi is by many investors viewed as the salmon “ETF”. However, over the past year no farmer has had better margins than Mowi. With a salmon market that appears to be tightening with reduced supply growth and rising demand growth we view Mowi as an attractive stock to own. The stronger NOK versus EUR is normally not good for a salmon farmer, but on a relative basis it puts Mowi in a stronger position as it is a Euro company. We raise EPS by ~2% out in time driven by slightly lower farming cost an ....
