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

2/6

Valuation Score 2/6

  • 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 (NOK830.31)

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€314.03m

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 Average2.2x
KLDVK Kaldvik
3.5x41.7%NOK 3.5b
MAS Måsøval
1.3x9.4%NOK 3.2b
AKBM Aker BioMarine
1.5x-6.7%NOK 5.8b
AFISH Arctic Fish Holding
2.5x28.3%NOK 2.3b
ISLAX Icelandic Salmon
2.5x11.0%NOK 3.7b

Price-To-Sales vs Peers: ISLAX is expensive based on its Price-To-Sales Ratio (2.5x) compared to the peer average (2.2x).

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
0.2xn/aUS$3.85m
No more companies available in this PS range
ISLAX 2.5xIndustry Avg. 2.5xNo. of Companies3PS01.22.43.64.86+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ISLAX is expensive 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 Ratio0.9x

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 (0.9x).

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
Dec ’25NOK 120.00
NOK 127.50
+6.3%
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 160.00NOK 120.002
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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/27 20:52
End of Day Share Price 2024/12/27 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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

Icelandic Salmon AS is covered by 3 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Stein AuknerDNB Markets
Carl-Emil JohannessenPareto Securities
Sander LiePareto Securities