Icelandic Salmon AS

OB:ISLAX Stock Report

Market Cap: NOK 3.7b

Icelandic Salmon Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: ISLAX (NOK121) is trading below our estimate of fair value (NOK816.72)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for ISLAX. This is calculated by dividing ISLAX's market cap by their current revenue.
What is ISLAX's PS Ratio?
PS Ratio2.5x
Sales€128.27m
Market Cap€321.92m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for ISLAX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.2x
MAS Måsøval
1.4x9.0%NOK 3.5b
KLDVK Kaldvik
9x59.5%NOK 3.5b
AKBM Aker BioMarine
1.4x-5.3%NOK 5.3b
GSF Grieg Seafood
1x12.0%NOK 7.2b
ISLAX Icelandic Salmon
2.5x18.0%NOK 3.7b

Price-To-Sales vs Peers: ISLAX is good value based on its Price-To-Sales Ratio (2.5x) compared to the peer average (3.2x).

Price to Sales Ratio vs Industry

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

1 CompanyPrice / SalesEstimated GrowthMarket Cap
BARRA Barramundi Group
0.3xn/aUS$4.14m
No more companies available in this PS range
ISLAX 2.5xIndustry Avg. 2.5xNo. of Companies4PS01.63.24.86.48+
1 CompanyEstimated GrowthMarket Cap
No more companies

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

Price to Sales Ratio vs Fair Ratio

What is ISLAX'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.

ISLAX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.5x
Fair PS Ratio1.2x

Price-To-Sales vs Fair Ratio: ISLAX is expensive based on its Price-To-Sales Ratio (2.5x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

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 ISLAX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 121.00
NOK 127.50
+5.4%
5.9%NOK 135.00NOK 120.00n/a2
Nov ’25NOK 124.00
NOK 137.50
+10.9%
5.5%NOK 145.00NOK 130.00n/a2
Oct ’25NOK 112.00
NOK 145.00
+29.5%
3.4%NOK 150.00NOK 140.00n/a2
Sep ’25NOK 110.00
NOK 145.00
+31.8%
3.4%NOK 150.00NOK 140.00n/a2
Aug ’25NOK 124.00
NOK 162.50
+31.0%
4.6%NOK 170.00NOK 155.00n/a2
Jul ’25NOK 115.00
NOK 162.50
+41.3%
4.6%NOK 170.00NOK 155.00n/a2
Jun ’25NOK 128.00
NOK 162.50
+27.0%
4.6%NOK 170.00NOK 155.00n/a2
May ’25NOK 132.00
NOK 172.50
+30.7%
7.2%NOK 185.00NOK 160.00n/a2
Apr ’25NOK 129.00
NOK 172.50
+33.7%
7.2%NOK 185.00NOK 160.00n/a2
Mar ’25NOK 130.00
NOK 172.50
+32.7%
7.2%NOK 185.00NOK 160.00n/a2
Feb ’25NOK 125.00
NOK 172.50
+38.0%
7.2%NOK 185.00NOK 160.00n/a2
Jan ’25NOK 145.00
NOK 175.00
+20.7%
8.6%NOK 190.00NOK 160.00n/a2
Dec ’24NOK 146.00
NOK 175.00
+19.9%
8.6%NOK 190.00NOK 160.00n/a2
Nov ’24NOK 161.00
NOK 200.00
+24.2%
10.0%NOK 220.00NOK 180.00NOK 124.002
Apr ’24NOK 150.00
NOK 195.00
+30.0%
2.6%NOK 200.00NOK 190.00NOK 129.002
Feb ’24NOK 154.00
NOK 192.50
+25.0%
1.3%NOK 195.00NOK 190.00NOK 125.002
Jan ’24NOK 150.00
NOK 185.00
+23.3%
2.7%NOK 190.00NOK 180.00NOK 145.002
Dec ’23NOK 154.00
NOK 185.00
+20.1%
2.7%NOK 190.00NOK 180.00NOK 146.002

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

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