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P/F Bakkafrost

OB:BAKKA
Snowflake Description

Flawless balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BAKKA
OB
NOK25B
Market Cap
  1. Home
  2. NO
  3. Food, Beverage & Tobacco
Company description

P/F Bakkafrost, together with its subsidiaries, produces and sells salmon products under the Bakkafrost and Havsbrún brands in the United States, Europe, China, and internationally. The last earnings update was 76 days ago. More info.


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BAKKA Share Price and Events
7 Day Returns
0.4%
OB:BAKKA
0.8%
NO Food
-2.7%
NO Market
1 Year Returns
7.5%
OB:BAKKA
17.1%
NO Food
-8.4%
NO Market
BAKKA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
P/F Bakkafrost (BAKKA) 0.4% 8.7% 16.9% 7.5% 57.3% 307.1%
NO Food 0.8% 8.5% 11.9% 17.1% 39.3% 129.6%
NO Market -2.7% -1.2% -6.7% -8.4% 21.9% 8.5%
1 Year Return vs Industry and Market
  • BAKKA underperformed the Food industry which returned 17.1% over the past year.
  • BAKKA outperformed the Market in Norway which returned -8.4% over the past year.
Price Volatility
BAKKA
Industry
5yr Volatility vs Market

Value

 Is P/F Bakkafrost undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of P/F Bakkafrost to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for P/F Bakkafrost.

OB:BAKKA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year NO Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:BAKKA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.565 (1 + (1- 22%) (4.44%))
0.721
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (0.8 * 5.96%)
6.53%

Discounted Cash Flow Calculation for OB:BAKKA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for P/F Bakkafrost is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OB:BAKKA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 6.53%)
2020 420.25 Analyst x4 394.50
2021 1,028.50 Analyst x4 906.31
2022 1,545.57 Est @ 50.27% 1,278.49
2023 2,097.64 Est @ 35.72% 1,628.83
2024 2,633.21 Est @ 25.53% 1,919.40
2025 3,117.72 Est @ 18.4% 2,133.31
2026 3,535.75 Est @ 13.41% 2,271.10
2027 3,886.28 Est @ 9.91% 2,343.28
2028 4,176.49 Est @ 7.47% 2,363.95
2029 4,416.86 Est @ 5.76% 2,346.80
Present value of next 10 years cash flows DKK17,585.97
OB:BAKKA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= DKK4,416.86 × (1 + 1.76%) ÷ (6.53% – 1.76%)
DKK94,265.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK94,265.94 ÷ (1 + 6.53%)10
DKK50,086.08
OB:BAKKA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK17,585.97 + DKK50,086.08
DKK67,672.05
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK67,672.05 / 48.67
DKK1390.5
OB:BAKKA Discount to Share Price
Calculation Result
Exchange Rate DKK/NOK
(Reporting currency to currency of OB:BAKKA)
1.288
Value per Share
(NOK)
= Value per Share in DKK x Exchange Rate (DKK/NOK)
= DKK1390.5 x 1.288
NOK1790.92
Value per share (NOK) From above. NOK1,790.92
Current discount Discount to share price of NOK515.00
= -1 x (NOK515.00 - NOK1,790.92) / NOK1,790.92
71.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price P/F Bakkafrost is available for.
Intrinsic value
>50%
Share price is NOK515 vs Future cash flow value of NOK1790.92
Current Discount Checks
For P/F Bakkafrost to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • P/F Bakkafrost's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • P/F Bakkafrost's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for P/F Bakkafrost's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are P/F Bakkafrost's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:BAKKA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in DKK DKK18.51
OB:BAKKA Share Price ** OB (2019-07-19) in NOK NOK515
OB:BAKKA Share Price converted to DKK reporting currency Exchange rate (NOK/ DKK) 0.776 DKK399.85
Norway Food Industry PE Ratio Median Figure of 9 Publicly-Listed Food Companies 14.72x
Norway Market PE Ratio Median Figure of 134 Publicly-Listed Companies 13.62x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of P/F Bakkafrost.

OB:BAKKA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:BAKKA Share Price ÷ EPS (both in DKK)

= 399.85 ÷ 18.51

21.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • P/F Bakkafrost is overvalued based on earnings compared to the NO Food industry average.
  • P/F Bakkafrost is overvalued based on earnings compared to the Norway market.
Price based on expected Growth
Does P/F Bakkafrost's expected growth come at a high price?
Raw Data
OB:BAKKA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
18%per year
Norway Food Industry PEG Ratio Median Figure of 9 Publicly-Listed Food Companies 1.17x
Norway Market PEG Ratio Median Figure of 104 Publicly-Listed Companies 0.84x

*Line of best fit is calculated by linear regression .

OB:BAKKA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.6x ÷ 18%

1.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • P/F Bakkafrost is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on P/F Bakkafrost's assets?
Raw Data
OB:BAKKA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in DKK DKK88.15
OB:BAKKA Share Price * OB (2019-07-19) in NOK NOK515
OB:BAKKA Share Price converted to DKK reporting currency Exchange rate (NOK/ DKK) 0.776 DKK399.85
Norway Food Industry PB Ratio Median Figure of 11 Publicly-Listed Food Companies 3.8x
Norway Market PB Ratio Median Figure of 217 Publicly-Listed Companies 1.14x
OB:BAKKA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:BAKKA Share Price ÷ Book Value per Share (both in DKK)

= 399.85 ÷ 88.15

4.54x

* Primary Listing of P/F Bakkafrost.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • P/F Bakkafrost is overvalued based on assets compared to the NO Food industry average.
X
Value checks
We assess P/F Bakkafrost's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. P/F Bakkafrost has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is P/F Bakkafrost expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is P/F Bakkafrost expected to grow at an attractive rate?
  • P/F Bakkafrost's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • P/F Bakkafrost's earnings growth is expected to exceed the Norway market average.
  • P/F Bakkafrost's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:BAKKA Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:BAKKA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 18%
OB:BAKKA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 6.7%
Norway Food Industry Earnings Growth Rate Market Cap Weighted Average 11.1%
Norway Food Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
Norway Market Earnings Growth Rate Market Cap Weighted Average 14.6%
Norway Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:BAKKA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:BAKKA Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 4,308 1
2022-12-31 4,473 1,486 2
2021-12-31 4,579 1,777 1,475 5
2020-12-31 4,124 1,285 1,264 6
2019-12-31 3,710 1,062 946 6
OB:BAKKA Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-03-31 3,290 621 901
2018-12-31 3,177 913 960
2018-09-30 3,333 1,233 945
2018-06-30 3,516 1,243 645
2018-03-31 3,768 1,461 705
2017-12-31 3,770 1,458 511
2017-09-30 3,732 1,269 1,089
2017-06-30 3,568 1,220 1,379
2017-03-31 3,152 971 1,205
2016-12-31 3,203 850 1,339
2016-09-30 3,094 772 1,102
2016-06-30 3,131 854 924

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • P/F Bakkafrost's earnings are expected to grow by 18% yearly, however this is not considered high growth (20% yearly).
  • P/F Bakkafrost's revenue is expected to grow by 6.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:BAKKA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from P/F Bakkafrost Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:BAKKA Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 30.40 30.40 30.40 1.00
2021-12-31 30.23 38.43 22.97 5.00
2020-12-31 25.89 34.45 21.30 6.00
2019-12-31 19.40 21.60 17.43 5.00
OB:BAKKA Past Financials Data
Date (Data in DKK Millions) EPS *
2019-03-31 18.51
2018-12-31 19.74
2018-09-30 19.43
2018-06-30 13.27
2018-03-31 14.49
2017-12-31 10.52
2017-09-30 22.40
2017-06-30 28.38
2017-03-31 24.79
2016-12-31 27.56
2016-09-30 22.69
2016-06-30 19.02

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • P/F Bakkafrost is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess P/F Bakkafrost's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
P/F Bakkafrost has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has P/F Bakkafrost performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare P/F Bakkafrost's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • P/F Bakkafrost's year on year earnings growth rate has been positive over the past 5 years.
  • P/F Bakkafrost's 1-year earnings growth exceeds its 5-year average (27.8% vs 7.8%)
  • P/F Bakkafrost's earnings growth has exceeded the NO Food industry average in the past year (27.8% vs 16.6%).
Earnings and Revenue History
P/F Bakkafrost's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from P/F Bakkafrost Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:BAKKA Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,289.98 900.83 363.36
2018-12-31 3,177.42 960.29 339.99
2018-09-30 3,333.14 945.00 342.36
2018-06-30 3,515.69 645.36 355.78
2018-03-31 3,767.52 704.67 381.39
2017-12-31 3,770.05 511.40 385.64
2017-09-30 3,732.43 1,088.78 380.21
2017-06-30 3,568.28 1,378.91 368.48
2017-03-31 3,151.82 1,204.61 339.30
2016-12-31 3,202.69 1,338.89 316.42
2016-09-30 3,093.97 1,102.05 300.89
2016-06-30 3,131.46 923.75 287.46
2016-03-31 3,141.72 891.06 280.53
2015-12-31 2,850.36 810.18 272.05
2015-09-30 2,847.92 713.99 263.03
2015-06-30 2,754.55 757.21 262.46
2015-03-31 2,665.21 692.35 257.83
2014-12-31 2,683.32 647.11 255.43
2014-09-30 2,592.67 562.53 249.59
2014-06-30 2,749.69 550.89 243.51
2014-03-31 2,649.09 608.92 232.54
2013-12-31 2,491.08 589.22 225.25
2013-09-30 2,406.50 599.53 222.97
2013-06-30 2,122.51 412.60 216.14
2013-03-31 1,928.78 300.16 206.76
2012-12-31 1,855.54 267.88 203.14
2012-09-30 1,670.68 208.34 203.74

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • P/F Bakkafrost has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • P/F Bakkafrost used its assets more efficiently than the NO Food industry average last year based on Return on Assets.
  • P/F Bakkafrost's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess P/F Bakkafrost's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
P/F Bakkafrost has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is P/F Bakkafrost's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up P/F Bakkafrost's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • P/F Bakkafrost is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • P/F Bakkafrost's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of P/F Bakkafrost's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from P/F Bakkafrost Company Filings, last reported 3 months ago.

OB:BAKKA Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,289.73 863.56 341.57
2018-12-31 4,077.03 812.37 316.89
2018-09-30 4,081.97 592.59 306.17
2018-06-30 3,725.40 727.47 284.33
2018-03-31 3,891.78 770.38 668.36
2017-12-31 3,626.43 652.25 309.55
2017-09-30 3,661.85 762.62 347.39
2017-06-30 3,598.64 982.92 353.35
2017-03-31 3,627.66 1,017.65 499.17
2016-12-31 3,549.04 928.60 235.00
2016-09-30 2,997.16 708.08 240.86
2016-06-30 2,634.00 736.57 173.73
2016-03-31 2,801.70 492.70 320.62
2015-12-31 2,580.48 576.64 101.85
2015-09-30 2,260.29 389.43 250.22
2015-06-30 2,121.26 549.05 295.84
2015-03-31 2,217.43 601.13 414.85
2014-12-31 2,063.65 712.30 405.11
2014-09-30 1,892.43 683.40 368.39
2014-06-30 1,662.74 771.38 262.81
2014-03-31 1,760.84 719.07 243.50
2013-12-31 1,665.28 857.00 182.08
2013-09-30 1,567.33 900.72 163.82
2013-06-30 1,382.69 872.85 87.04
2013-03-31 1,313.58 899.11 123.95
2012-12-31 1,262.91 831.95 25.05
2012-09-30 1,114.52 779.24 9.72
  • P/F Bakkafrost's level of debt (20.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (40.9% vs 20.1% today).
  • Debt is well covered by operating cash flow (71.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 141x coverage).
X
Financial health checks
We assess P/F Bakkafrost's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. P/F Bakkafrost has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is P/F Bakkafrost's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.06%
Current annual income from P/F Bakkafrost dividends. Estimated to be 3.05% next year.
If you bought NOK2,000 of P/F Bakkafrost shares you are expected to receive NOK41 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • P/F Bakkafrost's pays a lower dividend yield than the bottom 25% of dividend payers in Norway (2.47%).
  • P/F Bakkafrost's dividend is below the markets top 25% of dividend payers in Norway (6.35%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:BAKKA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Norway Food Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.9%
Norway Market Average Dividend Yield Market Cap Weighted Average of 110 Stocks 4.5%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.9%
Norway Bottom 25% Dividend Yield 25th Percentile 2.5%
Norway Top 25% Dividend Yield 75th Percentile 6.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:BAKKA Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 15.20 1.00
2021-12-31 13.64 5.00
2020-12-31 12.96 6.00
2019-12-31 9.28 5.00
OB:BAKKA Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2019-02-19 8.250 2.343
2018-02-20 10.500 2.989
2017-02-28 8.700 3.408
2016-03-15 8.250 3.152
2015-03-20 6.000 3.105
2015-02-24 6.000 4.008
2014-05-20 4.500 3.616
2013-03-25 2.000 2.642
2013-02-27 2.000 2.868
2012-03-02 1.000 2.162
2012-02-28 1.000 2.546
2011-05-09 3.910 10.314
2011-02-21 3.910 7.665

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • P/F Bakkafrost has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but P/F Bakkafrost only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of P/F Bakkafrost's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess P/F Bakkafrost's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can P/F Bakkafrost afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. P/F Bakkafrost has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of P/F Bakkafrost's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Reja Jacobsen
AGE 53
TENURE AS CEO 30.5 years
CEO Bio

Mr. Johan Regin Jacobsen, also known as Reja, has been the Chief Executive Officer of P/F Bakkafrost Holding (Bakkafrost) since 1989. From 1982 to 1988, Mr. Jacobsen served as an Accounting Manager of the former P/f Bakkafrost. From 1988 to 2006, he held the position of Managing Director of the former P/f Bakkafrost. Mr. Jacobsen is educated at Aarhus School of Business, Graduate Diploma in Business Administration and Accounting (HD-R).

CEO Compensation
  • Insufficient data for Reja to compare compensation growth.
  • Insufficient data for Reja to establish whether their remuneration is reasonable compared to companies of similar size in Norway.
Management Team Tenure

Average tenure and age of the P/F Bakkafrost management team in years:

2.8
Average Tenure
53
Average Age
  • The tenure for the P/F Bakkafrost management team is about average.
Management Team

Reja Jacobsen

TITLE
Chief Executive Officer
AGE
53
TENURE
30.5 yrs

Høgni Jakobsen

TITLE
Chief Financial Officer
AGE
47
TENURE
0.3 yrs

Sverri Kjærbæk

TITLE
Operations Manager
AGE
55
TENURE
2.8 yrs

Símun Jacobsen

TITLE
Senior Sales Manager
AGE
56
TENURE
6.6 yrs

Heini Kristiansen

TITLE
Group Human Resource Manager
AGE
33
TENURE
0.7 yrs

Odd Eliasen

TITLE
Managing Director of Havsbrún
AGE
54
TENURE
6.8 yrs

Gunnar Nielsen

TITLE
Executive Officer
AGE
42
TENURE
0.5 yrs
Board of Directors Tenure

Average tenure and age of the P/F Bakkafrost board of directors in years:

7.9
Average Tenure
54.5
Average Age
  • The tenure for the P/F Bakkafrost board of directors is about average.
Board of Directors

Rúni Hansen

TITLE
Chairman of the Board
COMPENSATION
DKK455K
AGE
52
TENURE
9.6 yrs

Johannes Jensen

TITLE
Deputy Chairman of the Board
COMPENSATION
DKK258K
AGE
57
TENURE
10.5 yrs

Tesa Samuelsen

TITLE
Director
COMPENSATION
DKK248K
AGE
47
TENURE
3.3 yrs

Annika Frederiksberg

TITLE
Director
COMPENSATION
DKK206K
AGE
48
TENURE
11.4 yrs

Øystein Sandvik

TITLE
Independent Director
COMPENSATION
DKK259K
AGE
71
TENURE
6.3 yrs

Einar Wathne

TITLE
Director
AGE
58
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by P/F Bakkafrost individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
27. Jun 19 Buy Høgni Jakobsen Individual 27. Jun 19 27. Jun 19 16 NOK483.00 NOK7,728
27. Jun 19 Buy Annika Frederiksberg Individual 27. Jun 19 27. Jun 19 7 NOK483.00 NOK3,381
27. Jun 19 Buy Johan Jacobsen Individual 27. Jun 19 27. Jun 19 27 NOK483.00 NOK13,041
27. Jun 19 Buy Odd Eliasen Individual 27. Jun 19 27. Jun 19 18 NOK483.00 NOK8,694
07. Jun 19 Buy Annika Frederiksberg Individual 06. Jun 19 06. Jun 19 48 NOK469.40 NOK22,531
07. Jun 19 Buy Johan Jacobsen Individual 06. Jun 19 06. Jun 19 99 NOK469.40 NOK46,471
07. Jun 19 Buy Odd Eliasen Individual 06. Jun 19 06. Jun 19 89 NOK469.40 NOK41,777
25. Mar 19 Buy Annika Frederiksberg Individual 25. Mar 19 25. Mar 19 8 NOK431.00 NOK3,448
25. Mar 19 Buy Johan Jacobsen Individual 25. Mar 19 25. Mar 19 31 NOK431.00 NOK13,361
25. Mar 19 Buy Odd Eliasen Individual 25. Mar 19 25. Mar 19 20 NOK431.00 NOK8,620
25. Feb 19 Buy Annika Frederiksberg Individual 25. Feb 19 25. Feb 19 8 NOK456.80 NOK3,654
25. Feb 19 Buy Johan Jacobsen Individual 25. Feb 19 25. Feb 19 35 NOK456.80 NOK15,988
25. Feb 19 Buy Odd Eliasen Individual 25. Feb 19 25. Feb 19 21 NOK456.80 NOK9,593
24. Jan 19 Buy Annika Frederiksberg Individual 24. Jan 19 24. Jan 19 8 NOK423.37 NOK3,387
24. Jan 19 Buy Johan Jacobsen Individual 24. Jan 19 24. Jan 19 23 NOK423.37 NOK9,737
24. Jan 19 Buy Odd Eliasen Individual 24. Jan 19 24. Jan 19 19 NOK423.37 NOK8,044
20. Dec 18 Buy Gunnar Nielsen Individual 20. Dec 18 20. Dec 18 19 NOK443.80 NOK8,432
20. Dec 18 Buy Annika Frederiksberg Individual 20. Dec 18 20. Dec 18 8 NOK443.80 NOK3,550
20. Dec 18 Buy Johan Jacobsen Individual 20. Dec 18 20. Dec 18 23 NOK443.80 NOK10,207
20. Dec 18 Buy Odd Eliasen Individual 20. Dec 18 20. Dec 18 19 NOK443.80 NOK8,432
26. Nov 18 Buy Johan Jacobsen Individual 26. Nov 18 26. Nov 18 23 NOK423.72 NOK9,745
26. Nov 18 Buy Gunnar Nielsen Individual 26. Nov 18 26. Nov 18 19 NOK423.72 NOK8,051
26. Nov 18 Buy Annika Frederiksberg Individual 26. Nov 18 26. Nov 18 9 NOK423.72 NOK3,813
26. Nov 18 Buy Odd Eliasen Individual 26. Nov 18 26. Nov 18 19 NOK423.72 NOK8,051
27. Sep 18 Buy Gunnar Nielsen Individual 27. Sep 18 27. Sep 18 16 NOK499.96 NOK7,999
27. Sep 18 Buy Annika Frederiksberg Individual 27. Sep 18 27. Sep 18 7 NOK499.96 NOK3,500
27. Sep 18 Buy Johan Jacobsen Individual 27. Sep 18 27. Sep 18 19 NOK499.96 NOK9,499
27. Sep 18 Buy Odd Eliasen Individual 27. Sep 18 27. Sep 18 16 NOK499.96 NOK7,999
X
Management checks
We assess P/F Bakkafrost's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. P/F Bakkafrost has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Interested In P/F Bakkafrost (OB:BAKKA)? Here's How It Performed Recently

In this article, I will take a look at P/F Bakkafrost's (OB:BAKKA) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … Did BAKKA perform worse than its track record and industry. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 10%, indicating the rate at which BAKKA is growing has slowed down

Simply Wall St -

What P/F Bakkafrost's (OB:BAKKA) ROE Can Tell Us

P/F Bakkafrost has a ROE of 17%, based on the last twelve months. … One way to conceptualize this, is that for each NOK1 of shareholders' equity it has, the company made NOK0.17 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Understanding Your Return On Investment In P/F Bakkafrost (OB:BAKKA)

and want to begin learning the link between P/F Bakkafrost (OB:BAKKA)’s return fundamentals and stock market performance. … Your return is tied to BAKKA’s ability to do this because the amount earned is used to invest in opportunities to grow the business or payout dividends, which are the two sources of return on investment. … Thus, to understand how your money can grow by investing in P/F Bakkafrost, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Is P/F Bakkafrost (OB:BAKKA) Undervalued After Accounting For Its Future Growth?

P/F Bakkafrost (OB:BAKKA) is considered a high-growth stock, but its last closing price of NOK481.6 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … View our latest analysis for P/F Bakkafrost?

Simply Wall St -

Is P/F Bakkafrost (OB:BAKKA) Expensive For A Reason? A Look At The Intrinsic Value

Does the share price for P/F Bakkafrost (OB:BAKKA) reflect it's really worth? … Today, I will calculate the stock's intrinsic value. … by projecting its future cash flows and then discounting them to today's value.

Simply Wall St -

What Should We Expect From P/F Bakkafrost's (OB:BAKKA) Earnings In The Next 12 Months?

In March 2018, P/F Bakkafrost (OB:BAKKA) released its earnings update. … the consensus outlook from analysts appear highly confident, … with profits predicted to ramp up by an impressive 52.89% next year,

Simply Wall St -

Breaking Down P/F Bakkafrost's (OB:BAKKA) Ownership Structure

Today, I will be analyzing P/F Bakkafrost’s (OB:BAKKA) recent ownership structure, an important but not-so-popular subject among individual investors. … The impact of a company's ownership structure affects both its short- and long-term performance. … OB:BAKKA Ownership Summary July 18th 18

Simply Wall St -

Is P/F Bakkafrost's (OB:BAKKA) PE Ratio A Signal To Sell For Investors?

But should this larger multiple be the final verdict of BAKKA’s overvaluation. … This is because multiples like PE tend to overlook key company-specific factors such as future growth and capital structure … In this article, I am going to take you through some key things to consider in order to identify which multiple is the most relevant for

Simply Wall St -

Interested In P/F Bakkafrost (OB:BAKKA)? Here's How It Performed Recently

Understanding P/F Bakkafrost's (OB:BAKKA) performance as a company requires examining more than earnings from one point in time. … Today I will take you through a basic sense check to gain perspective on how P/F Bakkafrost is doing by evaluating its latest earnings with its longer term trend as well as its industry peers' performance over the same period. … BAKKA's trailing twelve-month earnings (from 31 March 2018) of øre704.67m has

Simply Wall St -

Does P/F Bakkafrost's (OB:BAKKA) PE Ratio Warrant A Sell?

and want to better understand how you can grow your money by investing in P/F Bakkafrost (OB:BAKKA). … While BAKKA might seem like a stock to avoid or sell if you own it, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio

Simply Wall St -

Company Info

Description

P/F Bakkafrost, together with its subsidiaries, produces and sells salmon products under the Bakkafrost and Havsbrún brands in the United States, Europe, China, and internationally. The company operates through three segments: Fish Farming; Value Added Products; and Fishmeal, Fish Oil, and Fish Feed. It is involved in the breeding and on-growing of salmon; harvesting, sale, and distribution of salmon; and production of skinless and boneless portions of salmon. The company also produces and sells fishmeal, fish oil, and fish feed. It operates fleet of six farming service vessels. The company also exports its products. P/F Bakkafrost was founded in 1968 and is headquartered in Glyvrar, Denmark.

Details
Name: P/F Bakkafrost
BAKKA
Exchange: OB
Founded: 1968
NOK25,063,801,125
48,667,575
Website: http://www.bakkafrost.com
Address: P/F Bakkafrost
Bakkavegur 9,
PO Box 221,
Glyvrar,
The Faroe Islands, 625,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB BAKKA Ordinary Shares Oslo Bors NO NOK 26. Mar 2010
OTCPK BKFK.F Ordinary Shares Pink Sheets LLC US USD 26. Mar 2010
DB 6BF Ordinary Shares Deutsche Boerse AG DE EUR 26. Mar 2010
LSE 0MQ2 Ordinary Shares London Stock Exchange GB NOK 26. Mar 2010
BATS-CHIXE BAKKAO Ordinary Shares BATS 'Chi-X Europe' GB NOK 26. Mar 2010
Number of employees
Current staff
Staff numbers
976
P/F Bakkafrost employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/21 23:06
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/04
Last earnings filing: 2019/05/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.