company background image
AFIS

Arctic Fish Holding OB:AFISH Stock Report

Last Price

kr92.80

Market Cap

kr3.0b

7D

-10.8%

1Y

38.5%

Updated

03 Oct, 2022

Data

Company Financials +
AFISH fundamental analysis
Snowflake Score
Valuation2/6
Future Growth6/6
Past Performance2/6
Financial Health4/6
Dividends0/6

AFISH Stock Overview

Arctic Fish Holding AS, together with its subsidiaries, engages in the salmon farming activities in the Westfjords, Iceland.

Arctic Fish Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Arctic Fish Holding
Historical stock prices
Current Share Pricekr92.80
52 Week Highkr107.50
52 Week Lowkr60.01
Beta0
1 Month Change-3.33%
3 Month Change-2.11%
1 Year Change38.51%
3 Year Changen/a
5 Year Changen/a
Change since IPO62.81%

Recent News & Updates

Sep 02
Analysts Are Betting On Arctic Fish Holding AS (OB:AFISH) With A Big Upgrade This Week

Analysts Are Betting On Arctic Fish Holding AS (OB:AFISH) With A Big Upgrade This Week

Celebrations may be in order for Arctic Fish Holding AS ( OB:AFISH ) shareholders, with the analysts delivering a...

Shareholder Returns

AFISHNO FoodNO Market
7D-10.8%-16.5%2.0%
1Y38.5%-26.4%-3.5%

Return vs Industry: AFISH exceeded the Norwegian Food industry which returned -28.3% over the past year.

Return vs Market: AFISH exceeded the Norwegian Market which returned -5.4% over the past year.

Price Volatility

Is AFISH's price volatile compared to industry and market?
AFISH volatility
AFISH Average Weekly Movement7.7%
Food Industry Average Movement6.6%
Market Average Movement6.8%
10% most volatile stocks in NO Market11.3%
10% least volatile stocks in NO Market3.8%

Stable Share Price: AFISH is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: AFISH's weekly volatility (8%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
201163Stein Tveitenhttps://www.arcticfish.is

Arctic Fish Holding AS, together with its subsidiaries, engages in the salmon farming activities in the Westfjords, Iceland. It produces smolt and rainbow trout in the freshwater hatchery. The company also exports its products worldwide.

Arctic Fish Holding Fundamentals Summary

How do Arctic Fish Holding's earnings and revenue compare to its market cap?
AFISH fundamental statistics
Market Capkr2.96b
Earnings (TTM)kr57.08m
Revenue (TTM)kr694.58m

51.8x

P/E Ratio

4.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AFISH income statement (TTM)
Revenuekr694.58m
Cost of Revenuekr312.89m
Gross Profitkr381.70m
Other Expenseskr324.62m
Earningskr57.08m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 16, 2022

Earnings per share (EPS)1.79
Gross Margin54.95%
Net Profit Margin8.22%
Debt/Equity Ratio40.0%

How did AFISH perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 AFISH?

Other financial metrics that can be useful for relative valuation.

AFISH 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/Revenue4.8x
Enterprise Value/EBITDA27.3x
PEG Ratio1.1x

Price to Earnings Ratio vs Peers

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

AFISH PE Ratio vs Peers
The above table shows the PE ratio for AFISH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average22.1x
MAS Måsøval
6.7x-18.2%kr4.0b
AKBM Aker BioMarine
35.1x40.1%kr3.9b
ISLAX Icelandic Salmon
23.6x28.3%kr5.0b
NRS Norway Royal Salmon
23.1x24.6%kr6.9b
AFISH Arctic Fish Holding
51.8x46.2%kr3.0b

Price-To-Earnings vs Peers: AFISH is expensive based on its Price-To-Earnings Ratio (51.8x) compared to the peer average (22.1x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: AFISH is expensive based on its Price-To-Earnings Ratio (51.8x) compared to the European Food industry average (14.3x)


Price to Earnings Ratio vs Fair Ratio

What is AFISH'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.

AFISH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio51.8x
Fair PE Ratio39.1x

Price-To-Earnings vs Fair Ratio: AFISH is expensive based on its Price-To-Earnings Ratio (51.8x) compared to the estimated Fair Price-To-Earnings Ratio (39.1x).


Share Price vs Fair Value

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

Below Fair Value: AFISH (NOK92.8) is trading below our estimate of fair value (NOK451.92)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

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

Future Growth

How is Arctic Fish Holding forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


46.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AFISH's forecast earnings growth (46.2% per year) is above the savings rate (1.1%).

Earnings vs Market: AFISH's earnings (46.2% per year) are forecast to grow faster than the Norwegian market (-2.9% per year).

High Growth Earnings: AFISH's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: AFISH's revenue (23.9% per year) is forecast to grow faster than the Norwegian market (0.3% per year).

High Growth Revenue: AFISH's revenue (23.9% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AFISH's Return on Equity is forecast to be high in 3 years time (21.4%)


Discover growth companies

Past Performance

How has Arctic Fish Holding performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


56.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AFISH has high quality earnings.

Growing Profit Margin: AFISH's current net profit margins (8.2%) are lower than last year (14.9%).


Past Earnings Growth Analysis

Earnings Trend: AFISH has become profitable over the past 5 years, growing earnings by 56.2% per year.

Accelerating Growth: AFISH's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AFISH had negative earnings growth (-27%) over the past year, making it difficult to compare to the Food industry average (75.4%).


Return on Equity

High ROE: AFISH's Return on Equity (5.7%) is considered low.


Discover strong past performing companies

Financial Health

How is Arctic Fish Holding'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: AFISH's short term assets (NOK644.0M) exceed its short term liabilities (NOK176.1M).

Long Term Liabilities: AFISH's short term assets (NOK644.0M) exceed its long term liabilities (NOK362.9M).


Debt to Equity History and Analysis

Debt Level: AFISH's net debt to equity ratio (33.6%) is considered satisfactory.

Reducing Debt: AFISH's debt to equity ratio has increased from 16% to 40% over the past 5 years.

Debt Coverage: AFISH's debt is well covered by operating cash flow (34.3%).

Interest Coverage: AFISH's interest payments on its debt are not well covered by EBIT (1.6x coverage).


Balance Sheet


Discover healthy companies

Dividend

What is Arctic Fish Holding 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


0.46%

Forecast Dividend Yield

Dividend Yield vs Market

Arctic Fish Holding Dividend Yield vs Market
How does Arctic Fish Holding dividend yield compare to the market?
SegmentDividend Yield
Company (Arctic Fish Holding)n/a
Market Bottom 25% (NO)3.7%
Market Top 25% (NO)7.7%
Industry Average (Food)4.2%
Analyst forecast in 3 Years (Arctic Fish Holding)0.5%

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

High Dividend: Unable to evaluate AFISH'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 AFISH's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if AFISH'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 AFISH has not reported any payouts.


Discover strong dividend paying companies

Management

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

3.3yrs

Average management tenure


CEO

Stein Tveiten

5.75yrs

Tenure

Mr. Stein Ove Tveiten serves as Chief Executive Officer at Arctic Fish Holding AS since 2017. He serves as the Chief Executive Officer of Arctic Fish AS. Stein Ove Tveiten served as the General Manager of...


Leadership Team

Experienced Management: AFISH's management team is considered experienced (3.3 years average tenure).


Board Members

Experienced Board: AFISH's board of directors are not considered experienced ( 1.7 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.


Recent Insider Transactions

OB:AFISH Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
28 Jun 22Buykr748,000Neil Shiran ThorissonIndividual8,000kr93.50

Ownership Breakdown

What is the ownership structure of AFISH?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders594,9071.9%
Institutions5,287,26616.5%
Private Companies9,728,03330.4%
Public Companies16,346,82451.2%

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


Top Shareholders

Top 25 shareholders own 100.23% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
51.28%
NTS ASA
16,346,824NOK1.5b0%no data
28.56%
Bremesco Holdings Limited
9,104,582NOK844.9m0%no data
9.77%
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
3,115,273NOK289.1m0%0.01%
1.5%
Landsbankinn hf., Asset Management Arm
479,651NOK44.5m-7.71%24.09%
1.36%
Nordea Investment Management AB
433,313NOK40.2m-15.52%no data
1.2%
Neil Shiran Thorisson
382,900NOK35.5m2.11%no data
0.93%
Eika Kapitalforvaltning
297,537NOK27.6m0%1.13%
0.81%
Kverva AS
258,000NOK23.9m0%no data
0.6%
Pareto Forvaltning AS
190,000NOK17.6m-45.87%0.18%
0.52%
Gåsø Næringsutvikling AS
166,700NOK15.5m0%no data
0.52%
MP Pensjon
165,000NOK15.3m0%0.31%
0.48%
Pactum AS
152,751NOK14.2m0%no data
0.36%
Storebrand Asset Management AS
115,000NOK10.7m0%0.01%
0.35%
Íslandsbanki, Asset Management Arm
111,513NOK10.3m0%1.73%
0.32%
Pareto Nordic Investments AS
103,000NOK9.6m0%22.89%
0.31%
State Street Global Advisors, Inc.
98,616NOK9.2m22.34%no data
0.25%
Soprarno Sgr S.P.A., Asset Management Arm
80,641NOK7.5m0%0.47%
0.25%
R.O. Th
80,000NOK7.4m0%no data
0.16%
Holberg Fondsforvaltning AS
50,733NOK4.7m0%0.4%
0.15%
Euroclear PLC, Asset Management Arm
46,989NOK4.4m-31.05%0.01%
0.14%
Skeie Alpha Invest As
46,000NOK4.3m-33.38%no data
0.13%
Eigel Thom
41,101NOK3.8m0%no data
0.13%
Ola Loe
40,849NOK3.8m0%no data
0.083%
Svein Sivertsen
26,339NOK2.4m0%no data
0.056%
Charles Hostlund
18,000NOK1.7m0%no data

Company Information

Arctic Fish Holding AS's employee growth, exchange listings and data sources


Key Information

  • Name: Arctic Fish Holding AS
  • Ticker: AFISH
  • Exchange: OB
  • Founded: 2011
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: kr2.958b
  • Shares outstanding: 31.88m
  • Website: https://www.arcticfish.is

Number of Employees


Location

  • Arctic Fish Holding AS
  • Sindragata 10
  • Isafjordur
  • 400
  • Iceland


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
6TWMUN (Boerse Muenchen)YesOrdinary SharesDEEURFeb 2021
AFISHOB (Oslo Bors)YesOrdinary SharesNONOKFeb 2021
6TWBST (Boerse-Stuttgart)YesOrdinary SharesDEEURFeb 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/03 00:00
End of Day Share Price2022/10/03 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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 here.