P/F Bakkafrost Valuation

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

BAKKA (NOK587) is trading below our estimate of [[fair value]] (NOK1139.49)

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

Below Fair Value: BAKKA (NOK587) is trading below our estimate of fair value (NOK1139.49)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for BAKKA. This is calculated by dividing BAKKA's market cap by their current preferred multiple.
What is BAKKA's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	DKK 21.98b

BAKKA 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	3.3x
Enterprise Value/EBITDA	14.4x
PEG Ratio	0.7x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BAKKA 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	15.6x
LSG Lerøy Seafood Group	18.1x	26.6%	NOK 29.2b
AUSS Austevoll Seafood	11.3x	12.6%	NOK 19.5b
ORK Orkla	16.3x	3.4%	NOK 98.5b
MOWI Mowi	16.8x	29.3%	NOK 97.3b
BAKKA P/F Bakkafrost	24.4x	34.3%	NOK 34.8b

Price-To-Earnings vs Peers: BAKKA is expensive based on its Price-To-Earnings Ratio (24.4x) compared to the peer average (15.6x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	25.0%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	25.0%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: BAKKA is expensive based on its Price-To-Earnings Ratio (24.4x) compared to the European Food industry average (14.4x).

Price to Earnings Ratio vs Fair Ratio

What is BAKKA'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.

BAKKA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	24.4x
Fair PE Ratio	22.4x

Price-To-Earnings vs Fair Ratio: BAKKA is expensive based on its Price-To-Earnings Ratio (24.4x) compared to the estimated Fair Price-To-Earnings Ratio (22.4x).

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 BAKKA 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 587.00	NOK 705.33 +20.2%	7.8%	NOK 786.39	NOK 629.11	n/a	6
Sep ’25	NOK 574.50	NOK 709.85 +23.6%	9.8%	NOK 794.53	NOK 616.62	n/a	6
Aug ’25	NOK 566.00	NOK 726.54 +28.4%	10.1%	NOK 806.80	NOK 624.14	n/a	6
Jul ’25	NOK 543.00	NOK 706.01 +30.0%	11.5%	NOK 802.96	NOK 600.86	n/a	6
Jun ’25	NOK 577.00	NOK 702.49 +21.7%	11.3%	NOK 800.62	NOK 600.66	n/a	6
May ’25	NOK 679.00	NOK 708.12 +4.3%	14.1%	NOK 812.70	NOK 561.32	n/a	6
Apr ’25	NOK 697.00	NOK 689.18 -1.1%	12.0%	NOK 794.40	NOK 563.31	n/a	7
Mar ’25	NOK 664.00	NOK 648.50 -2.3%	12.5%	NOK 779.75	NOK 552.92	n/a	7
Feb ’25	NOK 588.50	NOK 580.71 -1.3%	13.1%	NOK 697.79	NOK 499.33	n/a	7
Jan ’25	NOK 532.00	NOK 534.96 +0.6%	12.4%	NOK 687.87	NOK 473.24	n/a	7
Dec ’24	NOK 525.00	NOK 556.81 +6.1%	13.0%	NOK 721.60	NOK 494.25	n/a	7
Nov ’24	NOK 509.50	NOK 580.73 +14.0%	16.6%	NOK 810.65	NOK 499.08	n/a	7
Oct ’24	NOK 547.50	NOK 600.14 +9.6%	12.3%	NOK 748.75	NOK 526.12	n/a	6
Sep ’24	NOK 532.50	NOK 622.26 +16.9%	11.7%	NOK 754.01	NOK 529.82	NOK 574.50	6
Aug ’24	NOK 597.00	NOK 726.56 +21.7%	7.2%	NOK 810.48	NOK 672.11	NOK 566.00	6
Jul ’24	NOK 642.00	NOK 765.35 +19.2%	7.4%	NOK 838.53	NOK 688.76	NOK 543.00	6
Jun ’24	NOK 739.00	NOK 777.91 +5.3%	8.6%	NOK 884.36	NOK 689.42	NOK 577.00	6
May ’24	NOK 776.00	NOK 754.08 -2.8%	7.8%	NOK 883.19	NOK 698.79	NOK 679.00	7
Apr ’24	NOK 678.50	NOK 710.62 +4.7%	9.0%	NOK 852.74	NOK 640.53	NOK 697.00	7
Mar ’24	NOK 662.50	NOK 684.54 +3.3%	10.5%	NOK 849.84	NOK 620.34	NOK 664.00	7
Feb ’24	NOK 615.00	NOK 626.41 +1.9%	4.3%	NOK 667.13	NOK 588.96	NOK 588.50	7
Jan ’24	NOK 616.00	NOK 589.70 -4.3%	7.5%	NOK 650.03	NOK 526.32	NOK 532.00	7
Dec ’23	NOK 550.50	NOK 569.08 +3.4%	5.6%	NOK 626.05	NOK 524.54	NOK 525.00	6
Nov ’23	NOK 519.00	NOK 619.85 +19.4%	16.9%	NOK 844.54	NOK 534.47	NOK 509.50	6
Oct ’23	NOK 432.80	NOK 735.96 +70.0%	12.1%	NOK 858.42	NOK 621.04	NOK 547.50	6
Sep ’23	NOK 579.50	NOK 709.70 +22.5%	9.1%	NOK 787.13	NOK 609.80	NOK 532.50	6

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.