Arctic Fish Holding Valuation

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

AFISH (NOK70) is trading below our estimate of [[fair value]] (NOK187.8)

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

Valuation Score

4/6

Valuation Score 4/6

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

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 (NOK70) is trading below our estimate of fair value (NOK187.8)

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

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.

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

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/Revenue	3.6x
Enterprise Value/EBITDA	15.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for AFISH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2.4x
KLDVK Kaldvik	4.6x	41.8%	NOK 3.3b
ISLAX Icelandic Salmon	2.5x	19.9%	NOK 3.8b
AKBM Aker BioMarine	1.1x	-6.4%	NOK 4.2b
MAS Måsøval	1.3x	6.0%	NOK 3.4b
AFISH Arctic Fish Holding	2.2x	23.3%	NOK 2.2b

Price-To-Sales vs Peers: AFISH is good value based on its Price-To-Sales Ratio (2.2x) compared to the peer average (2.4x).

Price to Earnings Ratio vs Industry

How does AFISH's PE Ratio compare vs other companies in the NO Food Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	29.6%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	29.6%
	n/a	n/a	n/a

No more companies

Price-To-Sales vs Industry: AFISH is good value based on its Price-To-Sales Ratio (2.2x) compared to the Norwegian Food industry average (2.4x).

Price to Sales Ratio vs Fair Ratio

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

AFISH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.2x
Fair PS Ratio	1.6x

Price-To-Sales vs Fair Ratio: AFISH is expensive based on its Price-To-Sales Ratio (2.2x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

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 AFISH 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 70.00	NOK 81.00 +15.7%	1.2%	NOK 82.00	NOK 80.00	n/a	2
Oct ’25	NOK 47.60	NOK 81.00 +70.2%	1.2%	NOK 82.00	NOK 80.00	n/a	2
Sep ’25	NOK 50.50	NOK 81.00 +60.4%	1.2%	NOK 82.00	NOK 80.00	n/a	2
Aug ’25	NOK 53.50	NOK 81.00 +51.4%	1.2%	NOK 82.00	NOK 80.00	n/a	2
Jul ’25	NOK 51.50	NOK 81.00 +57.3%	1.2%	NOK 82.00	NOK 80.00	n/a	2
Jun ’25	NOK 54.50	NOK 81.00 +48.6%	1.2%	NOK 82.00	NOK 80.00	n/a	2
Feb ’25	NOK 60.00	NOK 85.00 +41.7%	5.9%	NOK 90.00	NOK 80.00	n/a	2
Jan ’25	NOK 63.50	NOK 85.00 +33.9%	5.9%	NOK 90.00	NOK 80.00	n/a	2
Dec ’24	NOK 65.00	NOK 85.00 +30.8%	5.9%	NOK 90.00	NOK 80.00	n/a	2
Oct ’24	NOK 91.50	NOK 112.50 +23.0%	2.2%	NOK 115.00	NOK 110.00	NOK 47.60	2
Sep ’24	NOK 91.00	NOK 112.50 +23.6%	2.2%	NOK 115.00	NOK 110.00	NOK 50.50	2
Aug ’24	NOK 95.00	NOK 122.50 +28.9%	2.0%	NOK 125.00	NOK 120.00	NOK 53.50	2
Jul ’24	NOK 93.50	NOK 122.50 +31.0%	2.0%	NOK 125.00	NOK 120.00	NOK 51.50	2
Jun ’24	n/a	NOK 122.50 0%	2.0%	NOK 125.00	NOK 120.00	NOK 54.50	2
May ’24	NOK 98.00	NOK 125.00 +27.6%	4.0%	NOK 130.00	NOK 120.00	NOK 54.00	2
Apr ’24	NOK 100.00	NOK 122.50 +22.5%	6.1%	NOK 130.00	NOK 115.00	NOK 56.00	2
Mar ’24	NOK 96.00	NOK 120.00 +25.0%	4.2%	NOK 125.00	NOK 115.00	NOK 55.50	2
Feb ’24	NOK 100.00	NOK 125.00 +25.0%	8.0%	NOK 135.00	NOK 115.00	NOK 60.00	2
Nov ’23	NOK 109.00	NOK 110.00 +0.9%	4.5%	NOK 115.00	NOK 105.00	NOK 84.00	2

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