Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price22.72 USD
Fair value21.30
Ethical score70.0/100
RatingOPPORTUNITY
Our investment reviews on this name
2026-08-05Read Accumulation21.37+6.3% to today ✓
2026-07-02Read Markdown20.65+10.0% to today
Our analytic regime reads on this name, dated and marked against today's price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Mowi ASA holds its Markup at $22.72. Consolidating, no directional conviction, held for 4 days.
As held on the ledger · 2026-09-10
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 4 days
Price at the screen
$22.72
Valuation
16.00 trailing · 16.00 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.61
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
0.00%
Below 5%
Only 0.0% 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.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads OPPORTUNITY: it trades above our $21.30 fair value estimate, weak competitive moat, 14.70% revenue growth.
Fair value range in USD, drawn from the 2026-09-10 screen. The gold marker is the market price at the same screen. The price runs 6.3% above the base estimate.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-10 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.
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
2026-09-05Accumulation$22.11+3.5%Entry 5
The framework 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
The framework 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
The framework 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
The framework 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.
