Grieg Seafood Valuation

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

GSF (NOK60.65) is trading below our estimate of [[fair value]] (NOK731.82)

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

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

Below Fair Value: GSF (NOK60.65) is trading below our estimate of fair value (NOK731.82)

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

Key Valuation Metric

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

Key metric: As GSF is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for GSF. This is calculated by dividing GSF's market cap by their current revenue.
What is GSF's PS Ratio?
PS Ratio	0.9x
Sales	NOK 7.23b
Market Cap	NOK 6.80b

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/Revenue	1.7x
Enterprise Value/EBITDA	98.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for GSF 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	2.2x
AKBM Aker BioMarine	1.5x	-6.7%	NOK 5.8b
ISLAX Icelandic Salmon	2.5x	11.0%	NOK 3.7b
KLDVK Kaldvik	3.6x	41.7%	NOK 3.5b
MAS Måsøval	1.3x	9.4%	NOK 3.2b
GSF Grieg Seafood	0.9x	11.0%	NOK 6.8b

Price-To-Sales vs Peers: GSF is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (2.2x).

Price to Sales Ratio vs Industry

How does GSF's PS Ratio compare vs other companies in the NO Food Industry?

0 Companies	Price / Sales	Estimated Growth	Market Cap

No more companies available in this PS range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: GSF is good value based on its Price-To-Sales Ratio (0.9x) compared to the Norwegian Food industry average (2.5x).

Price to Sales Ratio vs Fair Ratio

What is GSF'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.

GSF PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.9x
Fair PS Ratio	1.3x

Price-To-Sales vs Fair Ratio: GSF is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

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 GSF 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 60.65	NOK 64.96 +7.1%	15.4%	NOK 76.00	NOK 46.00	n/a	7
Dec ’25	NOK 60.80	NOK 63.13 +3.8%	15.3%	NOK 71.00	NOK 46.00	n/a	6
Nov ’25	NOK 66.15	NOK 61.83 -6.5%	19.0%	NOK 71.00	NOK 42.00	n/a	6
Oct ’25	NOK 59.15	NOK 61.50 +4.0%	20.7%	NOK 79.00	NOK 42.00	n/a	6
Sep ’25	NOK 50.50	NOK 63.00 +24.8%	18.5%	NOK 79.00	NOK 42.00	n/a	6
Aug ’25	NOK 63.20	NOK 75.00 +18.7%	18.2%	NOK 90.00	NOK 55.00	n/a	6
Jul ’25	NOK 62.70	NOK 75.33 +20.1%	17.6%	NOK 90.00	NOK 55.00	n/a	6
Jun ’25	NOK 72.55	NOK 75.67 +4.3%	14.4%	NOK 90.00	NOK 55.00	n/a	6
May ’25	NOK 72.00	NOK 71.83 -0.2%	11.2%	NOK 80.00	NOK 55.00	n/a	6
Apr ’25	NOK 68.00	NOK 72.67 +6.9%	11.8%	NOK 80.00	NOK 55.00	n/a	6
Mar ’25	NOK 66.80	NOK 71.17 +6.5%	13.6%	NOK 80.00	NOK 55.00	n/a	6
Feb ’25	NOK 65.70	NOK 75.50 +14.9%	12.4%	NOK 85.00	NOK 61.00	n/a	6
Jan ’25	NOK 68.30	NOK 77.80 +13.9%	8.3%	NOK 85.00	NOK 66.00	n/a	6
Dec ’24	NOK 65.05	NOK 77.36 +18.9%	9.1%	NOK 85.00	NOK 66.00	NOK 60.80	5
Nov ’24	NOK 73.00	NOK 87.25 +19.5%	3.2%	NOK 90.00	NOK 83.50	NOK 66.15	6
Oct ’24	NOK 78.20	NOK 89.64 +14.6%	4.8%	NOK 96.20	NOK 85.00	NOK 59.15	5
Sep ’24	NOK 77.30	NOK 89.64 +16.0%	4.8%	NOK 96.20	NOK 85.00	NOK 50.50	5
Aug ’24	NOK 73.10	NOK 100.20 +37.1%	5.5%	NOK 105.00	NOK 90.00	NOK 63.20	5
Jul ’24	NOK 67.10	NOK 97.33 +45.1%	8.4%	NOK 105.00	NOK 83.00	NOK 62.70	6
Jun ’24	NOK 84.55	NOK 98.00 +15.9%	7.8%	NOK 105.00	NOK 83.00	NOK 72.55	6
May ’24	NOK 89.30	NOK 90.95 +1.8%	6.9%	NOK 100.00	NOK 83.00	NOK 72.00	6
Apr ’24	NOK 81.75	NOK 87.95 +7.6%	7.4%	NOK 100.00	NOK 80.00	NOK 68.00	6
Mar ’24	NOK 73.60	NOK 87.45 +18.8%	7.3%	NOK 100.00	NOK 80.00	NOK 66.80	6
Feb ’24	NOK 90.55	NOK 91.83 +1.4%	12.5%	NOK 115.00	NOK 81.00	NOK 65.70	6
Jan ’24	NOK 78.60	NOK 83.67 +6.4%	7.0%	NOK 90.00	NOK 73.00	NOK 68.30	6
Dec ’23	NOK 69.90	NOK 82.83 +18.5%	7.8%	NOK 90.00	NOK 73.00	NOK 65.05	6

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

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/22 12:42
End of Day Share Price	2024/12/20 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Grieg Seafood ASA is covered by 15 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	ABG Sundal Collier
Knut Løvstad	Beringer Finance AB
Niklas Ekman	Carnegie Investment Bank AB