Mowi ASA

“Mowi is the world's largest salmon farmer with a genuine license moat and structural market tailwinds, but the 2023 Norwegian resource rent tax permanently compressed returns on its best assets, the reinvestment runway is short, unit economics trail peers like SalMar and Bakkafrost, net debt sits at 3-4x EBITDA, and the unresolved EU cartel investigation adds tail risk. At NOK 202 (roughly 11x forward earnings), the stock is fairly priced for a 5-7% annualised total return — adequate but not compelling for capital that has better alternatives.”