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ISLA

Icelandic Salmon OB:ISLAX Stock Report

Last Price

kr163.00

Market Cap

kr5.0b

7D

-4.1%

1Y

16.4%

Updated

02 Oct, 2022

Data

Company Financials +
ISLAX fundamental analysis
Snowflake Score
Valuation3/6
Future Growth6/6
Past Performance3/6
Financial Health5/6
Dividends0/6

ISLAX Stock Overview

Icelandic Salmon AS engages in processing, production, and sale of seafood and seafood-based products.

Icelandic Salmon Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Icelandic Salmon
Historical stock prices
Current Share Pricekr163.00
52 Week Highkr190.00
52 Week Lowkr127.00
Beta0.77
1 Month Change-7.39%
3 Month Change2.52%
1 Year Change16.43%
3 Year Changen/a
5 Year Changen/a
Change since IPO123.29%

Recent News & Updates

Aug 26
Industry Analysts Just Made A Substantial Upgrade To Their Icelandic Salmon AS (OB:ISLAX) Revenue Forecasts

Industry Analysts Just Made A Substantial Upgrade To Their Icelandic Salmon AS (OB:ISLAX) Revenue Forecasts

Shareholders in Icelandic Salmon AS ( OB:ISLAX ) may be thrilled to learn that the analysts have just delivered a major...

Shareholder Returns

ISLAXNO FoodNO Market
7D-4.1%-20.4%-0.1%
1Y16.4%-28.3%-5.4%

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

Return vs Market: ISLAX exceeded the Norwegian Market which returned -5.4% over the past year.

Price Volatility

Is ISLAX's price volatile compared to industry and market?
ISLAX volatility
ISLAX Average Weekly Movement6.2%
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: ISLAX is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: ISLAX's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2009174Bjørn Hembrehttps://www.arnarlax.is/is

Icelandic Salmon AS engages in processing, production, and sale of seafood and seafood-based products. The company is involved in the salmon farming activities. It distributes its products worldwide.

Icelandic Salmon Fundamentals Summary

How do Icelandic Salmon's earnings and revenue compare to its market cap?
ISLAX fundamental statistics
Market Capkr5.05b
Earnings (TTM)kr216.74m
Revenue (TTM)kr1.36b

23.3x

P/E Ratio

3.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ISLAX income statement (TTM)
Revenue€127.47m
Cost of Revenue€66.43m
Gross Profit€61.04m
Other Expenses€40.69m
Earnings€20.35m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 10, 2022

Earnings per share (EPS)0.66
Gross Margin47.88%
Net Profit Margin15.96%
Debt/Equity Ratio30.6%

How did ISLAX perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 ISLAX?

Other financial metrics that can be useful for relative valuation.

ISLAX 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/Revenue3.9x
Enterprise Value/EBITDA15.5x
PEG Ratio0.8x

Price to Earnings Ratio vs Peers

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

ISLAX PE Ratio vs Peers
The above table shows the PE ratio for ISLAX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average16.9x
NRS Norway Royal Salmon
21.4x24.6%kr6.4b
AKBM Aker BioMarine
34.8x40.1%kr3.9b
MAS Måsøval
6.6x-18.2%kr3.9b
GSF Grieg Seafood
4.7x-8.0%kr8.3b
ISLAX Icelandic Salmon
23.3x28.3%kr5.0b

Price-To-Earnings vs Peers: ISLAX is expensive based on its Price-To-Earnings Ratio (23.3x) compared to the peer average (16.9x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: ISLAX is expensive based on its Price-To-Earnings Ratio (23.3x) compared to the European Food industry average (14.3x)


Price to Earnings Ratio vs Fair Ratio

What is ISLAX'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.

ISLAX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.3x
Fair PE Ratio29.1x

Price-To-Earnings vs Fair Ratio: ISLAX is good value based on its Price-To-Earnings Ratio (23.3x) compared to the estimated Fair Price-To-Earnings Ratio (29.1x).


Share Price vs Fair Value

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

Below Fair Value: ISLAX (NOK163) is trading below our estimate of fair value (NOK361.28)

Significantly Below Fair Value: ISLAX 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: Insufficient data to show price forecast.


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Future Growth

How is Icelandic Salmon forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


28.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ISLAX's forecast earnings growth (28.3% per year) is above the savings rate (1.1%).

Earnings vs Market: ISLAX's earnings (28.3% per year) are forecast to grow faster than the Norwegian market (-2.9% per year).

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

Revenue vs Market: ISLAX's revenue (20.3% per year) is forecast to grow faster than the Norwegian market (0.4% per year).

High Growth Revenue: ISLAX's revenue (20.3% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ISLAX's Return on Equity is forecast to be high in 3 years time (23.7%)


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Past Performance

How has Icelandic Salmon performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


246.7%

Last years earnings growth

Earnings and Revenue History

Quality Earnings: ISLAX has high quality earnings.

Growing Profit Margin: ISLAX's current net profit margins (16%) are higher than last year (9.5%).


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if ISLAX's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Insufficient data to compare ISLAX's past year earnings growth to its 5-year average.

Earnings vs Industry: ISLAX earnings growth over the past year (246.7%) exceeded the Food industry 58.4%.


Return on Equity

High ROE: ISLAX's Return on Equity (15.7%) is considered low.


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Financial Health

How is Icelandic Salmon's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: ISLAX's short term assets (€105.7M) exceed its short term liabilities (€22.4M).

Long Term Liabilities: ISLAX's short term assets (€105.7M) exceed its long term liabilities (€45.5M).


Debt to Equity History and Analysis

Debt Level: ISLAX's net debt to equity ratio (16.1%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if ISLAX's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: ISLAX's debt is well covered by operating cash flow (58.9%).

Interest Coverage: ISLAX's interest payments on its debt are well covered by EBIT (9.3x coverage).


Balance Sheet


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Dividend

What is Icelandic Salmon current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Icelandic Salmon Dividend Yield vs Market
How does Icelandic Salmon dividend yield compare to the market?
SegmentDividend Yield
Company (Icelandic Salmon)n/a
Market Bottom 25% (NO)3.8%
Market Top 25% (NO)8.0%
Industry Average (Food)4.4%
Analyst forecast in 3 Years (Icelandic Salmon)0%

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

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

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


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as ISLAX has not reported any payouts.


Discover strong dividend paying companies

Management

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

€342k

CEO Compensation


CEO

Bjørn Hembre

no data

Tenure

€342,000

Compensation

Mr. Bjørn Hembre served as a General Manager of Northern Norway - Senja Sjøfarm AS of Salmar ASA. Mr. Hembre joined SalMar and served as a Production Manager and Production Coordinator at NorthTrøndelag, a...


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:ISLAX Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
20 Dec 21Buykr4,417,500Bjørn HembreIndividual30,000kr147.25

Ownership Breakdown

What is the ownership structure of ISLAX?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,632,9005.2%
Institutions10,022,28931.8%
Private Companies19,839,95063.0%

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


Top Shareholders

Top 25 shareholders own 99.62% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
51.02%
Kverva AS
15,798,152€2.6b0%no data
7.35%
Íslandsbanki, Asset Management Arm
2,274,443€370.7m0%60.62%
5.89%
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
1,823,889€297.3m0%0.01%
3.23%
Kjartan Olafsson
1,000,000€163.0m0%no data
3.03%
Holta Invest AS
938,314€152.9m0%92.75%
2.67%
Pactum AS
825,862€134.6m0%no data
2.59%
Norron AB
801,430€130.6m0%3.4%
2.09%
MP Pensjon
645,706€105.3m0%1.89%
1.94%
Simen Thorsen
600,000€97.8m0%no data
1.94%
Canomaro Shipping AS
599,661€97.7m0%no data
1.82%
Nima Invest AS
563,198€91.8m0%no data
1.75%
DNB Asset Management AS
542,011€88.3m0%0.03%
1.66%
Capital Research and Management Company
515,000€83.9m0%no data
1.66%
State Street Global Advisors, Inc.
512,626€83.6m0%no data
1.52%
Kristians And As
470,000€76.6m0%no data
1.49%
Skandinaviska Enskilda Banken AB, Private Banking, Investment Banking, and Insurance Arm
460,719€75.1m0%0.14%
1.13%
Alden AS
350,000€57.1m0%no data
1.06%
Pareto Forvaltning AS
328,883€53.6m0%0.5%
1.03%
Haganes As
319,646€52.1m0%no data
0.92%
Nikko Asset Management Co., Ltd.
285,289€46.5m0%no data
0.81%
Lithinon AS
251,881€41.1m0%no data
0.81%
Tigerstaden AS
250,000€40.8m0%10.69%
0.76%
Borgano AS
235,000€38.3m0%no data
0.73%
Brekke Holding As
226,550€36.9m0%no data
0.73%
Altitude Capital As, Asset Management Arm
225,000€36.7m0%22.1%

Company Information

Icelandic Salmon AS's employee growth, exchange listings and data sources


Key Information

  • Name: Icelandic Salmon AS
  • Ticker: ISLAX
  • Exchange: OB
  • Founded: 2009
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: kr5.047b
  • Shares outstanding: 30.96m
  • Website: https://www.arnarlax.is/is

Number of Employees


Location

  • Icelandic Salmon AS
  • Industriveien 51
  • Kverva
  • Sør-Trøndelag
  • 7266
  • Norway


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ISLAXOB (Oslo Bors)YesShare CapitalNONOKNov 2019
I6XMUN (Boerse Muenchen)YesShare CapitalDEEURNov 2019

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 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.