Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price23.02 USD
Fair value21.30Our model only; no analyst estimate to cross-check.
Ethical score70.0/100
Value readFairas of 6 Nov 2026
Our investment reviews on this name
2026-10-18Read Accumulation21.74+5.9% to today ✓Markdown gives way to Accumulation
2026-10-11Read Markdown21.23+8.4% to today Distribution gives way to Markdown first Markdown read since July
2026-10-02Read Distribution21.23+8.4% to today Accumulation gives way to Distribution
2026-08-05Read Accumulation21.37+7.7% to today ✓Markdown gives way to Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Mowi ASA holds its Accumulation at $23.02. The statistical read favours the buyers, held for 12 days.
As held on the ledger · 2026-11-06
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 12 days
Price at the screen
$23.02
Valuation
16.79 trailing · 16.55 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.52
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.00%
Below 33%
Interest-bearing debt is just 0.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.15%
Below 5%
Only 0.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Mowi ASA clears all five screens. Its business is in a permissible area, its debt is near-nil, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when MHGVY's ethical verdict changes
Today MHGVY passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; no analyst estimate to cross-check.
Our analysis reads Fair vs our fair value, as of 6 Nov 2026: it trades above our $21.30 fair value estimate, weak competitive moat, 14.70% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. The price runs 8.1% above the base estimate.
Where our models see it going: fair-value estimate $21.30, with a range of $19.48 to $32.46, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Salmon farms feed steady global demand
Every time a supermarket in London or Tokyo restocks its fresh fish counter, the supply often traces back to Norwegian pens where Mowi raises Atlantic salmon from feed to fillet. The business sits in a defensive corner of consumer staples yet still grows revenue 14 percent a year while posting a 14 percent profit margin and 19 percent return on equity.
Those numbers explain why the shares sit only 2 percent below our fair value at a forward multiple of 14.4 times. The opportunity rating flags the combination of growth, cash returns and ethical clearance as worth a closer look even though the moat remains weak.
Risks centre on that thin competitive edge, exposure to feed prices, disease outbreaks and currency swings from a Norwegian base. A low multiple on cyclical farming earnings can mask peak profits rather than signal a bargain. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Norway and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
MHGVY trades on PNK (the company is based in Norway). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-31Accumulation$23.53+8.2%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 15%.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 15%.
2026-10-11Markdown · changed$21.23+0.0%Entry 7
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 15%.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 4.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 15%.
2026-09-05Accumulation$22.11+3.5%Entry 5
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 15%.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 15%.
2026-07-18Markdown$20.65+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 15%.
2026-07-03Markdown$20.65+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$20.65Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
