Mowi ASA's Q3 2024 results align with guidance, showing margin contraction due to higher supply, but the company remains resilient with strong operational and net margins. The salmon industry is in a low-margin cycle, with Mowi expecting supply growth to slow and long-term industry production to expand at a 2% CAGR. Valuing Mowi on a cycle-average basis, it offers a 7% earnings yield plus 4% growth from production expansion, totaling an 11% return.