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GSF

Grieg Seafood OB:GSF Stock Report

Last Price

kr75.00

Market Cap

kr8.4b

7D

-23.3%

1Y

-10.3%

Updated

03 Oct, 2022

Data

Company Financials +

Grieg Seafood Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Grieg Seafood
Historical stock prices
Current Share Pricekr75.00
52 Week Highkr156.20
52 Week Lowkr68.50
Beta0.51
1 Month Change-37.50%
3 Month Change-46.62%
1 Year Change-10.29%
3 Year Change-33.57%
5 Year Change-5.00%
Change since IPO226.09%

Recent News & Updates

Sep 20
We Think Grieg Seafood (OB:GSF) Can Manage Its Debt With Ease

We Think Grieg Seafood (OB:GSF) Can Manage Its Debt With Ease

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Aug 03
Grieg Seafood (OB:GSF) Will Want To Turn Around Its Return Trends

Grieg Seafood (OB:GSF) Will Want To Turn Around Its Return Trends

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...

Shareholder Returns

GSFNO FoodNO Market
7D-23.3%-16.5%2.0%
1Y-10.3%-26.4%-3.5%

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

Return vs Market: GSF underperformed the Norwegian Market which returned -5.4% over the past year.

Price Volatility

Is GSF's price volatile compared to industry and market?
GSF volatility
GSF Average Weekly Movement9.2%
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: GSF is more volatile than 75% of Norwegian stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: GSF's weekly volatility (9%) has been stable over the past year, but is still higher than 75% of Norwegian stocks.

About the Company

FoundedEmployeesCEOWebsite
1884750Andreas 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 Capkr8.42b
Earnings (TTM)kr1.78b
Revenue (TTM)kr6.69b

4.7x

P/E Ratio

1.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GSF income statement (TTM)
Revenuekr6.69b
Cost of Revenuekr1.69b
Gross Profitkr5.00b
Other Expenseskr3.22b
Earningskr1.78b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 11, 2022

Earnings per share (EPS)15.80
Gross Margin74.72%
Net Profit Margin26.55%
Debt/Equity Ratio45.0%

How did GSF perform over the long term?

See historical performance and comparison

Dividends

4.0%

Current Dividend Yield

19%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 GSF?

Other financial metrics that can be useful for relative valuation.

GSF 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/Revenue1.6x
Enterprise Value/EBITDA3.9x
PEG Ratio-0.6x

Price to Earnings Ratio vs Peers

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

GSF PE Ratio vs Peers
The above table shows the PE ratio for GSF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average22.1x
NRS Norway Royal Salmon
23.1x24.6%kr6.9b
ISLAX Icelandic Salmon
23.6x28.3%kr5.0b
AKBM Aker BioMarine
35.1x40.1%kr3.9b
MAS Måsøval
6.7x-18.2%kr4.0b
GSF Grieg Seafood
4.7x-8.0%kr8.4b

Price-To-Earnings vs Peers: GSF is good value based on its Price-To-Earnings Ratio (4.7x) compared to the peer average (22.1x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: GSF is good value based on its Price-To-Earnings Ratio (4.7x) compared to the European Food industry average (14.3x)


Price to Earnings Ratio vs Fair Ratio

What is GSF'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.

GSF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.7x
Fair PE Ratio16.7x

Price-To-Earnings vs Fair Ratio: GSF is good value based on its Price-To-Earnings Ratio (4.7x) compared to the estimated Fair Price-To-Earnings Ratio (16.7x).


Share Price vs Fair Value

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

Below Fair Value: GSF (NOK75) is trading below our estimate of fair value (NOK190.17)

Significantly Below Fair Value: GSF 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 analysts are not within a statistically confident range of agreement.


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Future Growth

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

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-8.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GSF's earnings are forecast to decline over the next 3 years (-8% per year).

Earnings vs Market: GSF's earnings are forecast to decline over the next 3 years (-8% per year).

High Growth Earnings: GSF's earnings are forecast to decline over the next 3 years.

Revenue vs Market: GSF's revenue (6.9% per year) is forecast to grow faster than the Norwegian market (0.3% per year).

High Growth Revenue: GSF's revenue (6.9% 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 (19.1%).


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Past Performance

How has Grieg Seafood performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-8.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GSF has high quality earnings.

Growing Profit Margin: GSF's current net profit margins (26.5%) are higher than last year (3.7%).


Past Earnings Growth Analysis

Earnings Trend: GSF's earnings have declined by 8.1% per year over the past 5 years.

Accelerating Growth: GSF's earnings growth over the past year (1143.1%) exceeds its 5-year average (-8.1% per year).

Earnings vs Industry: GSF earnings growth over the past year (1143.1%) exceeded the Food industry 75.4%.


Return on Equity

High ROE: GSF's Return on Equity (26%) is considered high.


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Financial Health

How is Grieg Seafood's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: GSF's short term assets (NOK7.1B) exceed its short term liabilities (NOK1.6B).

Long Term Liabilities: GSF's short term assets (NOK7.1B) exceed its long term liabilities (NOK5.2B).


Debt to Equity History and Analysis

Debt Level: GSF's net debt to equity ratio (15.9%) is considered satisfactory.

Reducing Debt: GSF's debt to equity ratio has reduced from 62.6% to 45% over the past 5 years.

Debt Coverage: GSF's debt is well covered by operating cash flow (127%).

Interest Coverage: GSF's interest payments on its debt are well covered by EBIT (13.6x coverage).


Balance Sheet


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Dividend

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

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.00%

Current Dividend Yield

Dividend Yield vs Market

Grieg Seafood Dividend Yield vs Market
How does Grieg Seafood dividend yield compare to the market?
SegmentDividend Yield
Company (Grieg Seafood)4.0%
Market Bottom 25% (NO)3.7%
Market Top 25% (NO)7.7%
Industry Average (Food)4.2%
Analyst forecast in 3 Years (Grieg Seafood)4.6%

Notable Dividend: GSF's dividend (4%) is higher than the bottom 25% of dividend payers in the Norwegian market (3.8%).

High Dividend: GSF's dividend (4%) is low compared to the top 25% of dividend payers in the Norwegian market (7.95%).


Stability and Growth of Payments

Stable Dividend: GSF has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: GSF's dividend payments have increased, but the company has only paid a dividend for 8 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (18.8%), GSF's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (9.9%), GSF's dividend payments are thoroughly covered by cash flows.


Discover strong dividend paying companies

Management

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

5.1yrs

Average management tenure


CEO

Andreas Kvame (60 yo)

7.33yrs

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

Andreas Kvame's Compensation vs Grieg Seafood Earnings
How has Andreas Kvame's remuneration changed compared to Grieg Seafood's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

kr2b

Mar 31 2022n/an/a

kr1b

Dec 31 2021n/an/a

kr604m

Sep 30 2021n/an/a

kr345m

Jun 30 2021n/an/a

kr143m

Mar 31 2021n/an/a

kr36m

Dec 31 2020n/an/a

-kr342m

Sep 30 2020n/an/a

kr128m

Jun 30 2020n/an/a

-kr91m

Mar 31 2020n/an/a

kr53m

Dec 31 2019kr7mkr3m

kr574m

Sep 30 2019n/an/a

kr473m

Jun 30 2019n/an/a

kr967m

Mar 31 2019n/an/a

kr998m

Dec 31 2018kr6mkr3m

kr973m

Sep 30 2018n/an/a

kr820m

Jun 30 2018n/an/a

kr782m

Mar 31 2018n/an/a

kr860m

Dec 31 2017kr7mkr2m

kr571m

Sep 30 2017n/an/a

kr902m

Jun 30 2017n/an/a

kr891m

Mar 31 2017n/an/a

kr940m

Dec 31 2016kr6mkr2m

kr1b

Sep 30 2016n/an/a

kr788m

Jun 30 2016n/an/a

kr622m

Mar 31 2016n/an/a

kr229m

Dec 31 2015kr2mkr1m

-kr7m

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 seasoned and experienced (5.1 years average tenure).


Board Members

Experienced Board: GSF's board of directors are not considered experienced ( 2.4 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:GSF Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
21 Jun 22Buykr194,072Trond KathenesIndividual1,350kr143.76
21 Jun 22Buykr163,306Kristina FurnesIndividual1,142kr143.00
21 Jun 22Buykr328,323Erik HolvikIndividual2,290kr143.37
22 Mar 22Buykr229,257Marvin BoschmanIndividual2,045kr112.11

Ownership Breakdown

What is the ownership structure of GSF?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders174,3680.2%
Institutions20,684,51318.4%
General Public26,519,87423.6%
Private Companies64,935,30657.8%

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


Top Shareholders

Top 25 shareholders own 74.72% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
50.67%
Grieg Maturitas AS
56,914,355NOK4.3b0%no data
4.54%
Om Holding As
5,100,982NOK382.6m0.49%no data
2.63%
Folketrygdfondet
2,954,920NOK221.6m-45.14%0.15%
1.71%
Ystholmen AS
1,923,197NOK144.2m-20.8%no data
1.69%
The Vanguard Group, Inc.
1,893,600NOK142.0m-0.24%no data
1.34%
Oddo Bhf Asset Management SAS
1,508,000NOK113.1m0%0.19%
1.05%
Handelsbanken Asset Management
1,173,742NOK88.0m0%0.02%
1.04%
Degroof Petercam Asset Management
1,164,795NOK87.4m0%0.05%
1.02%
Goldman Sachs Asset Management, L.P.
1,149,686NOK86.2m81.34%no data
0.91%
BNPP Asset Management Holding
1,022,624NOK76.7m-6.05%0.01%
0.89%
Bonafide Wealth Management AG
1,000,000NOK75.0m0%3.4%
0.89%
Kvasshøgdi AS
996,772NOK74.8m0%no data
0.85%
SEB Investment Management AB
950,446NOK71.3m15.15%0.02%
0.76%
BlackRock, Inc.
850,069NOK63.8m-4.05%no data
0.75%
Dimensional Fund Advisors LP
846,119NOK63.5m0.61%no data
0.67%
Union Asset Management Holding AG
753,400NOK56.5m0%0.01%
0.56%
SIA Funds AG
634,520NOK47.6m0%2.54%
0.49%
Storebrand Asset Management AS
555,684NOK41.7m0%0.04%
0.47%
Pictet Asset Management Limited
528,697NOK39.7m0%no data
0.44%
Ninety One UK Limited
496,717NOK37.3m0%0.01%
0.42%
T. Rowe Price Group, Inc.
469,015NOK35.2m0%no data
0.33%
J.Chahine Advisory
372,614NOK27.9m0%0.24%
0.24%
UBS Asset Management
264,794NOK19.9m-44.72%no data
0.2%
RAM Active Investments S.A.
220,602NOK16.5m0%0.18%
0.16%
Charles Schwab Investment Management, Inc.
175,873NOK13.2m2.39%no data

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
  • Implied Market Cap: kr8.424b
  • Shares outstanding: 112.31m
  • Website: https://www.griegseafood.no

Number of Employees


Location

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


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GSFOB (Oslo Bors)YesOrdinary SharesNONOKMay 2007
GR8DB (Deutsche Boerse AG)YesOrdinary SharesDEEURMay 2007
0GW8LSE (London Stock Exchange)YesOrdinary SharesGBNOKMay 2007
GRGS.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMay 2007
GSFOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKMay 2007

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.