Nordic Halibut AS

BST:9K1 Stock Report

Market Cap: €79.2m

Nordic Halibut Valuation

Is 9K1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9K1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9K1 (€1.94) is trading below our estimate of fair value (€25.57)

Significantly Below Fair Value: 9K1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9K1?

Key metric: As 9K1 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9K1. This is calculated by dividing 9K1's market cap by their current revenue.
What is 9K1's PS Ratio?
PS Ratio10.9x
SalesNOK 84.42m
Market CapNOK 922.91m

Price to Sales Ratio vs Peers

How does 9K1's PS Ratio compare to its peers?

The above table shows the PS ratio for 9K1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.8x
SMB Schwälbchen Molkerei Jakob Berz
0.3xn/a€55.8m
NLM FRoSTA
0.7xn/a€415.6m
SSH Südwestdeutsche Salzwerke
1.7xn/a€630.5m
VEZ Veganz Group
0.5xn/a€7.2m
9K1 Nordic Halibut
10.9x49.4%€922.9m

Price-To-Sales vs Peers: 9K1 is expensive based on its Price-To-Sales Ratio (10.9x) compared to the peer average (0.8x).

Price to Sales Ratio vs Industry

How does 9K1's PS Ratio compare vs other companies in the European Food Industry?

35 CompaniesPrice / SalesEstimated GrowthMarket Cap
9K1 10.9xIndustry Avg. 0.7xNo. of Companies48PS00.81.62.43.24+
35 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 9K1 is expensive based on its Price-To-Sales Ratio (10.9x) compared to the European Food industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is 9K1's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9K1 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio10.9x
Fair PS Ratio6.2x

Price-To-Sales vs Fair Ratio: 9K1 is expensive based on its Price-To-Sales Ratio (10.9x) compared to the estimated Fair Price-To-Sales Ratio (6.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 9K1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.94
€2.66
+37.2%
12.9%€3.01€2.32n/a2
Nov ’25€2.08
€2.74
+31.6%
7.7%€2.95€2.53n/a2
Oct ’25€2.20
€2.74
+24.5%
7.7%€2.95€2.53n/a2
Sep ’25€2.34
€2.76
+18.0%
7.7%€2.97€2.55n/a2
Aug ’25€2.26
€2.80
+24.0%
7.7%€3.02€2.59n/a2
Jul ’25€2.04
€2.80
+37.4%
7.7%€3.02€2.59n/a2
Jun ’25€1.85
€2.80
+51.5%
7.7%€3.02€2.59n/a2
May ’25€1.83
€2.85
+55.8%
7.7%€3.07€2.63n/a2
Apr ’25€1.85
€2.85
+54.1%
7.7%€3.07€2.63n/a2
Mar ’25€1.73
€2.85
+64.8%
7.7%€3.07€2.63n/a2
Dec ’24€1.84
€2.86
+55.5%
4.5%€2.99€2.73n/a2
Nov ’24€1.71
€2.84
+65.8%
4.5%€2.96€2.71€2.082
Nov ’23€2.06
€4.40
+113.5%
5.9%€4.66€4.14€1.712

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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