Norwegian salmon stocks are retreating in today's trading after DNB Carnegie lowered its spot price forecasts for salmon.
The bank expects slightly lower prices due to higher harvest volumes, although demand is assessed to remain robust. At the same time, a stronger Norwegian krone against the euro is putting further pressure on revenues when measured in NOK, according to the analysis seen by Bloomberg.
Consequently, DNB Carnegie is slashing its earnings forecasts for 2026-2028 by 3-18 percent for companies across the sector.
Despite the downward revisions, the bank remains positive on the sector as a whole and highlights Mowi as its preferred pick.
Within the sector, Lerøy Seafood is down 3.4 percent, Austevoll Seafood is falling 4.0 percent, Salmar has declined 1.4 percent, while Mowi is shedding 0.7 percent and Bakkafrost is retreating 0.5 percent.
Mowi ASA specializes in breeding, processing and marketing salmon and trout. Net sales break down by activity as follows:
- sale of fish (98.3%). The group is also develops production of fish-based products activity (smoked salmon, fish terrines, rillettes, etc.);
- farming and preparation of fish (1.6%): salmon, trout, cod, sturgeon, etc. The activity is carried out primarily in Norway, Scotland, Canada, Chile, Ireland and the Faeroe Islands;
- production of fish feed (0.1%).
Net sales are distributed geographically as follows: Europe (67.9%), the Americas (20.5%), Asia (9%) and other (2.6%).
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