SalMar Valuation

Q: What is the Fair Price of 0FWY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0FWY (NOK471.4) is trading below our estimate of [[fair value]] (NOK1270.97)

Is 0FWY 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 0FWY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow

Simply Wall St

NOK 1.27k

Fair Value

62.9% undervalued

Number of Analysts

Below Fair Value: 0FWY (NOK471.4) is trading below our estimate of fair value (NOK1270.97)

Significantly Below Fair Value: 0FWY is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0FWY?

Key metric: As 0FWY is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0FWY. This is calculated by dividing 0FWY's market cap by their current earnings.
What is 0FWY's PE Ratio?
PE Ratio	35x
Earnings	NOK 1.79b
Market Cap	NOK 62.81b

0FWY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.5x
Enterprise Value/EBITDA	15.2x
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

How does 0FWY's PE Ratio compare to its peers?

The above table shows the PE ratio for 0FWY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	16.1x
CWK Cranswick	21.9x	6.90%	UK£2.9b
TATE Tate & Lyle	17.1x	12.30%	UK£2.7b
PFD Premier Foods	14.8x	2.78%	UK£1.8b
ABF Associated British Foods	10.5x	4.94%	UK£15.3b
0FWY SalMar	35x	41.78%	NOK 62.8b

Price-To-Earnings vs Peers: 0FWY is expensive based on its Price-To-Earnings Ratio (35x) compared to the peer average (16.1x).

Price to Earnings Ratio vs Industry

How does 0FWY's PE Ratio compare vs other companies in the European Food Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0FWY is expensive based on its Price-To-Earnings Ratio (35x) compared to the European Food industry average (15.6x).

Price to Earnings Ratio vs Fair Ratio

What is 0FWY'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.

0FWY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	35x
Fair PE Ratio	43.8x

Price-To-Earnings vs Fair Ratio: 0FWY is good value based on its Price-To-Earnings Ratio (35x) compared to the estimated Fair Price-To-Earnings Ratio (43.8x).

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 0FWY forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 471.40	NOK 579.89 +23.01%	15.45%	NOK 753.00	NOK 430.00	n/a	9
May ’26	NOK 512.22	NOK 603.13 +17.75%	14.31%	NOK 753.00	NOK 430.00	n/a	8
Apr ’26	NOK 500.00	NOK 629.50 +25.90%	9.24%	NOK 700.00	NOK 530.00	n/a	8
Mar ’26	NOK 555.72	NOK 632.00 +13.73%	8.12%	NOK 700.00	NOK 561.00	n/a	8
Feb ’26	NOK 603.50	NOK 628.00 +4.06%	9.71%	NOK 714.00	NOK 525.00	n/a	8
Jan ’26	NOK 542.88	NOK 626.88 +15.47%	9.49%	NOK 705.00	NOK 525.00	n/a	8
Dec ’25	NOK 575.56	NOK 620.00 +7.72%	10.81%	NOK 705.00	NOK 520.00	n/a	8
Nov ’25	NOK 555.88	NOK 637.38 +14.66%	12.11%	NOK 740.00	NOK 520.00	n/a	8
Oct ’25	NOK 564.00	NOK 652.63 +15.71%	12.07%	NOK 760.00	NOK 520.00	n/a	8
Sep ’25	NOK 549.00	NOK 678.00 +23.50%	9.16%	NOK 760.00	NOK 556.00	n/a	8
Aug ’25	NOK 620.27	NOK 677.00 +9.15%	8.29%	NOK 760.00	NOK 580.00	n/a	9
Jul ’25	NOK 554.37	NOK 685.00 +23.56%	9.10%	NOK 770.00	NOK 580.00	n/a	9
Jun ’25	NOK 630.77	NOK 698.89 +10.80%	8.81%	NOK 820.00	NOK 630.00	n/a	9
May ’25	NOK 699.43	NOK 710.13 +1.53%	7.79%	NOK 820.00	NOK 640.00	NOK 512.22	8
Apr ’25	NOK 715.40	NOK 699.00 -2.29%	7.69%	NOK 820.00	NOK 650.00	NOK 500.00	8
Mar ’25	NOK 684.20	NOK 670.75 -1.97%	5.89%	NOK 730.00	NOK 600.00	NOK 555.72	8
Feb ’25	NOK 581.34	NOK 652.38 +12.22%	4.76%	NOK 705.00	NOK 600.00	NOK 603.50	8
Jan ’25	NOK 565.37	NOK 615.00 +8.78%	10.57%	NOK 680.00	NOK 480.00	NOK 542.88	8
Dec ’24	NOK 594.00	NOK 615.00 +3.54%	10.57%	NOK 680.00	NOK 480.00	NOK 575.56	8
Nov ’24	NOK 530.60	NOK 581.25 +9.55%	7.85%	NOK 625.00	NOK 480.00	NOK 555.88	8
Oct ’24	NOK 544.60	NOK 569.38 +4.55%	10.53%	NOK 630.00	NOK 460.00	NOK 564.00	8
Sep ’24	NOK 524.89	NOK 548.75 +4.55%	9.23%	NOK 605.00	NOK 460.00	NOK 549.00	8
Aug ’24	NOK 469.75	NOK 561.88 +19.61%	11.86%	NOK 652.00	NOK 460.00	NOK 620.27	8
Jul ’24	NOK 434.46	NOK 561.88 +29.33%	11.86%	NOK 652.00	NOK 460.00	NOK 554.37	8
Jun ’24	NOK 487.82	NOK 553.13 +13.39%	14.18%	NOK 652.00	NOK 420.00	NOK 630.77	8
May ’24	NOK 470.61	NOK 503.56 +7.00%	13.54%	NOK 630.00	NOK 370.00	NOK 699.43	9

AnalystConsensusTarget

Consensus Narrative from 9 Analysts

NOK 581.62

Fair Value

19.0% undervalued

Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/05/21 08:42
End of Day Share Price	2025/05/20 00:00
Earnings	2025/03/31
Annual Earnings	2024/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

SalMar ASA is covered by 19 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	ABG Sundal Collier
Thomas Lorck	Arctic Securities ASA
Alexander Sloane	Barclays