P/F Bakkafrost

BATS-CHIXE:BAKKAO Stock Report

Market Cap: NOK 28.5b

P/F Bakkafrost Valuation

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

Below Fair Value: BAKKAO (NOK488.6) is trading below our estimate of fair value (NOK1546.87)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BAKKAO. This is calculated by dividing BAKKAO's market cap by their current earnings.
What is BAKKAO's PE Ratio?
PE Ratio43.4x
EarningsDKK 415.53m
Market CapDKK 18.03b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BAKKAO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.9x
TATE Tate & Lyle
47.5x28.34%UK£1.6b
CWK Cranswick
18.4x5.59%UK£2.7b
PFD Premier Foods
11.3x0.49%UK£1.5b
BAKK Bakkavor Group
34.2x26.19%UK£1.3b
BAKKAO P/F Bakkafrost
43.4x71.68%NOK 28.5b

Price-To-Earnings vs Peers: BAKKAO is expensive based on its Price-To-Earnings Ratio (43.4x) compared to the peer average (27.9x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies18PE01020304050+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BAKKAO is expensive based on its Price-To-Earnings Ratio (43.4x) compared to the European Food industry average (15.3x).

Price to Earnings Ratio vs Fair Ratio

What is BAKKAO'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.

BAKKAO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio43.4x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate BAKKAO's Price-To-Earnings Fair Ratio for valuation analysis.

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 BAKKAO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 488.60
NOK 538.25
+10.16%
3.93%NOK 565.78NOK 505.17n/a5
Dec ’26n/a
NOK 538.25
0%
3.93%NOK 565.78NOK 505.17n/a5
Nov ’26NOK 468.60
NOK 527.57
+12.58%
4.39%NOK 560.63NOK 500.34n/a5
Oct ’26NOK 469.80
NOK 481.57
+2.51%
8.57%NOK 528.73NOK 413.99n/a5
Sep ’26NOK 421.30
NOK 491.72
+16.71%
11.16%NOK 578.05NOK 414.31n/a5
Aug ’26NOK 418.90
NOK 594.16
+41.84%
3.69%NOK 627.01NOK 565.64n/a6
Jul ’26NOK 451.00
NOK 589.14
+30.63%
4.28%NOK 627.45NOK 558.38n/a6
Jun ’26NOK 477.10
NOK 573.35
+20.17%
8.31%NOK 656.50NOK 488.55n/a7
May ’26NOK 519.00
NOK 626.28
+20.67%
14.55%NOK 781.97NOK 499.69n/a6
Apr ’26NOK 490.80
NOK 661.89
+34.86%
8.18%NOK 726.05NOK 570.76n/a6
Mar ’26NOK 570.50
NOK 688.85
+20.74%
6.19%NOK 751.88NOK 621.55n/a6
Feb ’26NOK 650.00
NOK 727.89
+11.98%
6.09%NOK 790.29NOK 665.02n/a7
Jan ’26n/a
NOK 728.31
0%
6.11%NOK 787.96NOK 664.73n/a7
Dec ’25NOK 655.00
NOK 726.68
+10.94%
6.22%NOK 786.76NOK 660.09n/a7
Nov ’25NOK 652.00
NOK 725.93
+11.34%
6.83%NOK 804.42NOK 658.88NOK 468.607
Oct ’25n/a
NOK 707.75
0%
7.74%NOK 791.44NOK 633.15NOK 469.806
Sep ’25NOK 556.75
NOK 712.01
+27.89%
9.65%NOK 794.53NOK 620.58NOK 421.306
Aug ’25n/a
NOK 726.54
0%
10.13%NOK 806.80NOK 624.14NOK 418.906
Jul ’25n/a
NOK 706.01
0%
11.55%NOK 802.96NOK 600.86NOK 451.006
Jun ’25NOK 580.75
NOK 702.49
+20.96%
11.33%NOK 800.62NOK 600.66NOK 477.106
May ’25NOK 658.50
NOK 708.12
+7.54%
14.11%NOK 812.70NOK 561.32NOK 519.006
Apr ’25n/a
NOK 689.18
0%
11.98%NOK 794.40NOK 563.31NOK 490.807
Mar ’25NOK 653.50
NOK 648.50
-0.77%
12.49%NOK 779.75NOK 552.92NOK 570.507
Feb ’25n/a
NOK 580.71
0%
13.10%NOK 697.79NOK 499.33NOK 650.007
Jan ’25n/a
NOK 534.96
0%
12.38%NOK 687.87NOK 473.24n/a7
Dec ’24n/a
NOK 556.81
0%
13.03%NOK 721.60NOK 494.25NOK 655.007
NOK 545.17
Fair Value
10.4% undervalued intrinsic discount
5
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/11 14:34
End of Day Share Price 2025/12/09 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

P/F Bakkafrost is covered by 11 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Alexander JonesBofA Global Research
Niklas EkmanCarnegie Investment Bank AB