Iceland Seafood International hf (ICSE:ICESEA) - Share price, News & Analysis

ICESEA fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	5/6
Financial Health	4/6
Dividends	0/6

ICESEA Stock Overview

Iceland Seafood International hf., together with its subsidiaries, processes, sells, and distributes seafood products in Southern Europe, the United Kingdom, Ireland, and internationally.

Rewards

Earnings grew by 217.1% over the past year

Risk Analysis

Debt is not well covered by operating cash flow

Iceland Seafood International hf Competitors

Hagar hf

ICSE:HAGA

Kr82.7b

MARUICHILtd

NSE:8228

JP¥24.1b

Bikurey Hasade (Holdings)

TASE:BKRY

₪594.0m

Lacto Japan

TSE:3139

JP¥22.8b

Price History & Performance

Summary of all time highs, changes and price drops for Iceland Seafood International hf
Historical stock prices
Current Share Price	Kr9.45
52 Week High	Kr17.70
52 Week Low	Kr9.20
Beta	0.61
1 Month Change	-3.08%
3 Month Change	-8.25%
1 Year Change	-44.33%
3 Year Change	4.31%
5 Year Change	36.96%
Change since IPO	73.39%

Recent News & Updates

Mar 02

Iceland Seafood International hf (ICE:ICESEA) Might Be Having Difficulty Using Its Capital Effectively

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...

Shareholder Returns

	ICESEA	IS Consumer Retailing	IS Market
7D	-1.0%	1.3%	1.1%
1Y	-44.3%	-20.8%	-0.9%

Return vs Industry: ICESEA underperformed the IS Consumer Retailing industry which returned -20.8% over the past year.

Return vs Market: ICESEA underperformed the IS Market which returned -0.9% over the past year.

Price Volatility

Is ICESEA's price volatile compared to industry and market?
ICESEA volatility
ICESEA Average Weekly Movement	3.6%
Consumer Retailing Industry Average Movement	5.0%
Market Average Movement	3.6%
10% most volatile stocks in IS Market	5.5%
10% least volatile stocks in IS Market	2.5%

Stable Share Price: ICESEA is not significantly more volatile than the rest of IS stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: ICESEA's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1932	944	Bjarni Ármannsson	https://www.icelandseafood.com

Iceland Seafood International hf., together with its subsidiaries, processes, sells, and distributes seafood products in Southern Europe, the United Kingdom, Ireland, and internationally. The company operates through Value Added Southern Europe, Value Added Northern Europe, and Sales and Distribution segments. It provides ready meals, fresh seafood, coated products, landfrozen, shell fish, smoked fish, light and wet salted, frozen at sea, pelagic fish, dried products, and cephalopods.

Iceland Seafood International hf Fundamentals Summary

How do Iceland Seafood International hf's earnings and revenue compare to its market cap?
ICESEA fundamental statistics
Market Cap	€180.67m
Earnings (TTM)	€5.38m
Revenue (TTM)	€460.60m

34.5x

P/E Ratio

0.4x

P/S Ratio

Is ICESEA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ICESEA income statement (TTM)
Revenue	€460.60m
Cost of Revenue	€392.71m
Gross Profit	€67.89m
Other Expenses	€62.51m
Earnings	€5.38m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 17, 2022

Earnings per share (EPS)	0.002
Gross Margin	14.74%
Net Profit Margin	1.17%
Debt/Equity Ratio	143.7%

How did ICESEA perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

0/6

Valuation Score 0/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for ICESEA. This is calculated by dividing ICESEA's market cap by their current preferred multiple.
What is ICESEA's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€180.67m

ICESEA 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	0.6x
Enterprise Value/EBITDA	19.6x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

ICESEA PE Ratio vs Peers

The above table shows the PE ratio for ICESEA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	18.8x
HAGA Hagar hf	19.8x	n/a	Kr82.7b
8228 MARUICHILtd	30.9x	n/a	JP¥24.1b
BKRY Bikurey Hasade (Holdings)	13.8x	n/a	₪594.0m
3139 Lacto Japan	10.6x	10.4%	JP¥22.8b
ICESEA Iceland Seafood International hf	34.5x	n/a	Kr25.0b

Price-To-Earnings vs Peers: ICESEA is expensive based on its Price-To-Earnings Ratio (34.5x) compared to the peer average (18.8x).

Price to Earnings Ratio vs Industry

How does ICESEA's PE Ratio compare vs other companies in the European Consumer Retailing Industry?

Price-To-Earnings vs Industry: ICESEA is expensive based on its Price-To-Earnings Ratio (34.5x) compared to the European Consumer Retailing industry average (12.9x)

Price to Earnings Ratio vs Fair Ratio

What is ICESEA'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.

ICESEA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	34.5x
Fair PE Ratio	n/a

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

Share Price vs Fair Value

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

Below Fair Value: Insufficient data to calculate ICESEA's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate ICESEA's fair value 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?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Iceland Seafood International hf forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

11.9%

Forecasted Consumer Retailing industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Iceland Seafood International hf has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Check out Iceland Seafood International hf's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.

Past Performance

How has Iceland Seafood International hf performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

13.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ICESEA has high quality earnings.

Growing Profit Margin: ICESEA's current net profit margins (1.2%) are higher than last year (0.5%).

Past Earnings Growth Analysis

Earnings Trend: ICESEA's earnings have grown by 13.3% per year over the past 5 years.

Accelerating Growth: ICESEA's earnings growth over the past year (217.1%) exceeds its 5-year average (13.3% per year).

Earnings vs Industry: ICESEA earnings growth over the past year (217.1%) exceeded the Consumer Retailing industry 26%.

Return on Equity

High ROE: ICESEA's Return on Equity (5.8%) is considered low.

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Financial Health

How is Iceland Seafood International hf's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: ICESEA's short term assets (€193.7M) exceed its short term liabilities (€161.2M).

Long Term Liabilities: ICESEA's short term assets (€193.7M) exceed its long term liabilities (€42.1M).

Debt to Equity History and Analysis

Debt Level: ICESEA's net debt to equity ratio (113.2%) is considered high.

Reducing Debt: ICESEA's debt to equity ratio has reduced from 244.6% to 143.7% over the past 5 years.

Debt Coverage: ICESEA's debt is not well covered by operating cash flow (4.3%).

Interest Coverage: ICESEA's interest payments on its debt are well covered by EBIT (4.4x coverage).

Balance Sheet

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Dividend

What is Iceland Seafood International hf current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate ICESEA's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ICESEA's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ICESEA's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ICESEA's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as ICESEA has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

1.2yrs

Average management tenure

CEO

Bjarni Ármannsson (55 yo)

3.58yrs

Tenure

Mr. Bjarni Ármannsson has been Chief Executive Officer at Iceland Seafood International hf., since January 23, 2019. Mr. Ármannsson is the Chairman of the Board of Directors of The Bankers’ and Securities...

Leadership Team

Experienced Management: ICESEA's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.

Board Members

Experienced Board: ICESEA's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/15 00:00
End of Day Share Price	2022/08/15 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31