company background image
GSF

Grieg SeafoodOB:GSF Stock Report

Market Cap

kr9.5b

7D

3.6%

1Y

2.9%

Updated

24 Sep, 2021

Data

Company Financials +
GSF fundamental analysis
Snowflake Score
Valuation3/6
Future Growth4/6
Past Performance2/6
Financial Health2/6
Dividends0/6

GSF Overview

Grieg Seafood ASA, through its subsidiaries, operates as a fish farming company.

Grieg Seafood Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Grieg Seafood
Historical stock prices
Current Share Pricekr84.35
52 Week Highkr65.40
52 Week Lowkr94.85
Beta0.46
1 Month Change-2.26%
3 Month Change6.98%
1 Year Change2.87%
3 Year Change-21.54%
5 Year Change32.31%
Change since IPO266.74%

Recent News & Updates

Aug 19
Things Look Grim For Grieg Seafood ASA (OB:GSF) After Today's Downgrade

Things Look Grim For Grieg Seafood ASA (OB:GSF) After Today's Downgrade

Market forces rained on the parade of Grieg Seafood ASA ( OB:GSF ) shareholders today, when the analysts downgraded...

Aug 07
Grieg Seafood ASA's (OB:GSF) Intrinsic Value Is Potentially 86% Above Its Share Price

Grieg Seafood ASA's (OB:GSF) Intrinsic Value Is Potentially 86% Above Its Share Price

In this article we are going to estimate the intrinsic value of Grieg Seafood ASA ( OB:GSF ) by estimating the...

Shareholder Returns

GSFNO FoodNO Market
7D3.6%3.1%0.5%
1Y2.9%16.7%25.9%

Return vs Industry: GSF underperformed the Norwegian Food industry which returned 16.7% over the past year.

Return vs Market: GSF underperformed the Norwegian Market which returned 25.9% over the past year.

Price Volatility

Is GSF's price volatile compared to industry and market?
GSF volatility
GSF Beta0.46
Industry Beta0.50
Market Beta1

Stable Share Price: GSF is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: GSF's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1884900Andreas Kvamehttps://www.griegseafood.no

Grieg Seafood ASA, through its subsidiaries, operates as a fish farming company. It engages in the production and sale of Atlantic salmon. The company supplies its fish products to customers in the European Union, the United Kingdom, the United States, Canada, Asia, and other markets.

Grieg Seafood Fundamentals Summary

How do Grieg Seafood's earnings and revenue compare to its market cap?
GSF fundamental statistics
Market Capkr9.47b
Earnings (TTM)kr142.80m
Revenue (TTM)kr3.87b

66.3x

P/E Ratio

2.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GSF income statement (TTM)
Revenuekr3.87b
Cost of Revenuekr1.30b
Gross Profitkr2.57b
Expenseskr2.43b
Earningskr142.80m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Nov 03, 2021

Earnings per share (EPS)1.27
Gross Margin66.50%
Net Profit Margin3.69%
Debt/Equity Ratio85.1%

How did GSF perform over the long term?

See historical performance and comparison

Valuation

Is Grieg Seafood undervalued compared to its fair value and its price relative to the market?

32.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GSF (NOK84.35) is trading below our estimate of fair value (NOK125.07)

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


Price To Earnings Ratio

PE vs Industry: GSF is poor value based on its PE Ratio (66.3x) compared to the Norwegian Food industry average (34.5x).

PE vs Market: GSF is poor value based on its PE Ratio (66.3x) compared to the Norwegian market (13.3x).


Price to Earnings Growth Ratio

PEG Ratio: GSF is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: GSF is good value based on its PB Ratio (2x) compared to the NO Food industry average (2.4x).


Future Growth

How is Grieg Seafood forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

31.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GSF's forecast earnings growth (31.7% per year) is above the savings rate (1.2%).

Earnings vs Market: GSF's earnings (31.7% per year) are forecast to grow faster than the Norwegian market (10.3% per year).

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

Revenue vs Market: GSF's revenue (15.2% per year) is forecast to grow faster than the Norwegian market (5.8% per year).

High Growth Revenue: GSF's revenue (15.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GSF's Return on Equity is forecast to be low in 3 years time (19.6%).


Past Performance

How has Grieg Seafood performed over the past 5 years?

-34.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GSF has high quality earnings.

Growing Profit Margin: GSF became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: GSF's earnings have declined by 34.1% per year over the past 5 years.

Accelerating Growth: GSF has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: GSF has become profitable in the last year, making it difficult to compare its past year earnings growth to the Food industry (33.1%).


Return on Equity

High ROE: GSF's Return on Equity (3.4%) is considered low.


Financial Health

How is Grieg Seafood's financial position?


Financial Position Analysis

Short Term Liabilities: GSF's short term assets (NOK5.8B) exceed its short term liabilities (NOK2.0B).

Long Term Liabilities: GSF's short term assets (NOK5.8B) exceed its long term liabilities (NOK4.9B).


Debt to Equity History and Analysis

Debt Level: GSF's debt to equity ratio (85.1%) is considered high.

Reducing Debt: GSF's debt to equity ratio has increased from 68.8% to 85.1% over the past 5 years.

Debt Coverage: GSF's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: GSF's interest payments on its debt are not well covered by EBIT (2.5x coverage).


Balance Sheet


Dividend

What is Grieg Seafood current dividend yield, its reliability and sustainability?

2.09%

Forecast Dividend Yield


Dividend Yield vs Market

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

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

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


Current Payout to Shareholders

Dividend Coverage: GSF is not paying a notable dividend for the Norwegian market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of GSF's dividend in 3 years as they are not forecast to pay a notable one for the Norwegian market.


Next Steps

Management

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

2.7yrs

Average management tenure


CEO

Andreas Kvame (59 yo)

6.25yrs

Tenure

kr6,650,000

Compensation

Mr. Andreas Kvame has been Chief Executive Officer at Grieg Seafood ASA since June 1, 2015. Mr. Kvame served as Managing Director for Scanbio AS and knows the salmon farming industry very well after 17 yea...


CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Andreas's total compensation is reasonable compared to companies of similar size in the Norwegian market.

Compensation vs Earnings: Andreas's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: GSF's management team is considered experienced (2.7 years average tenure).


Board Members

Experienced Board: GSF's board of directors are not considered experienced ( 1.5 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

Ownership Breakdown

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


Top Shareholders

Company Information

Grieg Seafood ASA's employee growth, exchange listings and data sources


Key Information

  • Name: Grieg Seafood ASA
  • Ticker: GSF
  • Exchange: OB
  • Founded: 1884
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: kr9.470b
  • Shares outstanding: 112.28m
  • Website: https://www.griegseafood.no

Number of Employees


Location

  • Grieg Seafood ASA
  • C. Sundtsgate 17/19
  • Bergen
  • Hordaland
  • 5004
  • Norway

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/24 22:59
End of Day Share Price2021/09/24 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.