SalMar ASA

DB:JEP Stock Report

Market Cap: €6.7b

SalMar Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: JEP (€50.35) is trading below our estimate of fair value (€138.3)

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

Key Valuation Metric

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

Key metric: As JEP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for JEP. This is calculated by dividing JEP's market cap by their current earnings.
What is JEP's PE Ratio?
PE Ratio23.7x
EarningsNOK 3.28b
Market CapNOK 77.62b

Price to Earnings Ratio vs Peers

How does JEP's PE Ratio compare to its peers?

The above table shows the PE ratio for JEP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.2x
SZU Südzucker
6.8x-10.2%€2.3b
SSH Südwestdeutsche Salzwerke
15.8xn/a€630.5m
NLM FRoSTA
12.2xn/a€415.6m
KWS KWS SAAT SE KGaA
9.9x-1.0%€2.0b
JEP SalMar
23.7x30.0%€77.6b

Price-To-Earnings vs Peers: JEP is expensive based on its Price-To-Earnings Ratio (23.7x) compared to the peer average (11.2x).

Price to Earnings Ratio vs Industry

How does JEP's PE Ratio compare vs other companies in the European Food Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
JEP 23.7xIndustry Avg. 13.4xNo. of Companies17PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: JEP is expensive based on its Price-To-Earnings Ratio (23.7x) compared to the European Food industry average (13.5x).

Price to Earnings Ratio vs Fair Ratio

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

JEP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.7x
Fair PE Ratio31.1x

Price-To-Earnings vs Fair Ratio: JEP is good value based on its Price-To-Earnings Ratio (23.7x) compared to the estimated Fair Price-To-Earnings Ratio (31.1x).

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 JEP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€50.35
€53.17
+5.6%
10.8%€60.46€44.60n/a8
Nov ’25€45.94
€53.74
+17.0%
12.1%€62.39€43.84n/a8
Oct ’25€46.98
€55.27
+17.6%
12.1%€64.36€44.04n/a8
Sep ’25€47.14
€57.88
+22.8%
9.2%€64.88€47.46n/a8
Aug ’25€53.65
€56.97
+6.2%
8.3%€63.96€48.81n/a9
Jul ’25€48.90
€60.01
+22.7%
9.1%€67.46€50.81n/a9
Jun ’25€55.05
€60.49
+9.9%
8.8%€70.97€54.52n/a9
May ’25€59.55
€59.89
+0.6%
7.8%€69.16€53.97n/a8
Apr ’25€60.84
€60.16
-1.1%
7.7%€70.57€55.94n/a8
Mar ’25€59.80
€58.85
-1.6%
5.9%€64.05€52.64n/a8
Feb ’25€51.04
€57.48
+12.6%
4.8%€62.11€52.86n/a8
Jan ’25€49.55
€51.98
+4.9%
10.6%€57.48€40.57n/a8
Dec ’24€50.60
€51.98
+2.7%
10.6%€57.48€40.57n/a8
Nov ’24€44.74
€49.13
+9.8%
7.8%€52.83€40.57€45.948
Oct ’24€47.43
€49.70
+4.8%
10.5%€55.00€40.16€46.988
Sep ’24€45.91
€47.54
+3.5%
9.2%€52.41€39.85€47.148
Aug ’24€41.78
€48.04
+15.0%
11.9%€55.75€39.33€53.658
Jul ’24€37.11
€48.04
+29.5%
11.9%€55.75€39.33€48.908
Jun ’24€40.45
€46.61
+15.2%
14.2%€54.94€35.39€55.058
May ’24€40.43
€42.84
+6.0%
13.5%€53.60€31.48€59.559
Apr ’24€39.48
€43.48
+10.1%
13.9%€55.74€32.74€60.849
Mar ’24€39.36
€44.90
+14.1%
13.9%€57.41€33.71€59.809
Feb ’24€42.10
€41.21
-2.1%
16.6%€53.59€31.69€51.049
Jan ’24€36.02
€41.30
+14.7%
22.7%€60.84€32.23€49.559
Dec ’23€33.96
€41.68
+22.7%
24.2%€61.04€31.38€50.608
Nov ’23€33.00
€47.17
+42.9%
31.9%€73.21€33.04€44.747

Analyst Forecast: Target price is less than 20% higher than the current share price.

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