Nordic Aqua Partners A/S

DB:22L Stock Report

Market Cap: €130.0m

Nordic Aqua Partners Valuation

Is 22L 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 22L when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 22L (€5.8) is trading below our estimate of fair value (€84.4)

Significantly Below Fair Value: 22L is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 22L?

Key metric: As 22L is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 22L. This is calculated by dividing 22L's market cap by their current revenue.
What is 22L's PS Ratio?
PS Ratio26.4x
Sales€4.93m
Market Cap€130.01m

Price to Sales Ratio vs Peers

How does 22L's PS Ratio compare to its peers?

The above table shows the PS ratio for 22L vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.7x
NLM FRoSTA
0.6xn/a€415.6m
SMB Schwälbchen Molkerei Jakob Berz
0.3xn/a€55.8m
SSH Südwestdeutsche Salzwerke
1.7xn/a€609.4m
SZU Südzucker
0.2x0.5%€2.2b
22L Nordic Aqua Partners
26.4x52.1%€1.5b

Price-To-Sales vs Peers: 22L is expensive based on its Price-To-Sales Ratio (26.4x) compared to the peer average (0.7x).

Price to Sales Ratio vs Industry

How does 22L's PS Ratio compare vs other companies in the European Food Industry?

35 CompaniesPrice / SalesEstimated GrowthMarket Cap
22L 26.4xIndustry Avg. 0.7xNo. of Companies48PS00.81.62.43.24+
35 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 22L is expensive based on its Price-To-Sales Ratio (26.4x) compared to the European Food industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is 22L'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.

22L PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio26.4x
Fair PS Ratio13.4x

Price-To-Sales vs Fair Ratio: 22L is expensive based on its Price-To-Sales Ratio (26.4x) compared to the estimated Fair Price-To-Sales Ratio (13.4x).

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 22L forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€5.80
€9.87
+70.1%
4.1%€10.27€9.46n/a2
Nov ’25€6.25
€11.47
+83.6%
12.0%€12.85€10.10n/a2
Oct ’25€6.35
€12.56
+97.8%
2.3%€12.84€12.27n/a2
Sep ’25€7.40
€12.65
+71.0%
1.5%€12.85€12.46n/a2
Aug ’25€10.00
€12.05
+20.5%
25.1%€15.08€9.03n/a2
Jul ’25€10.80
€12.05
+11.6%
25.1%€15.08€9.03n/a2
Jun ’25€14.00
€12.05
-13.9%
25.1%€15.08€9.03n/a2
May ’25€10.50
€12.13
+15.5%
24.3%€15.08€9.18n/a2

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.

Discover undervalued companies

Olvi Oyj

€598.2m

A beverage company, manufactures and sells alcoholic and non-alcoholic beverages in Finland, Estonia, Latvia, Lithuania, Denmark, and Belarus.

OVI

€28.55

7D

1.4%

1Y

-3.1%

Thai Beverage

S$13.6b

Produces and distributes alcoholic and non-alcoholic beverages, and food products worldwide.

T6W

S$0.36

7D

3.0%

1Y

6.4%

Anheuser-Busch InBev

€101.1b

Produces, distributes, exports, markets, and sells beer and beverages.

1NBA

€51.84

7D

-3.0%

1Y

-9.0%