Lerøy Seafood Group Valuation

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

LSG (NOK53.8) is trading below our estimate of [[fair value]] (NOK222.16)

Is LSG 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-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Discounted Cash Flow

Simply Wall St

NOK 222.16

Fair Value

75.8% undervalued

Number of Analysts

Below Fair Value: LSG (NOK53.8) is trading below our estimate of fair value (NOK222.16)

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

Key Valuation Metric

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

Key metric: As LSG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for LSG. This is calculated by dividing LSG's market cap by their current earnings.
What is LSG's PE Ratio?
PE Ratio	16.6x
Earnings	NOK 1.93b
Market Cap	NOK 32.04b

LSG 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	1.3x
Enterprise Value/EBITDA	11.4x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for LSG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	22.9x
BAKKA P/F Bakkafrost	40.9x	45.0%	NOK 36.2b
AUSS Austevoll Seafood	9.8x	11.2%	NOK 21.6b
SALM SalMar	22.7x	28.6%	NOK 74.5b
ORK Orkla	18.2x	8.5%	NOK 103.4b
LSG Lerøy Seafood Group	16.6x	25.9%	NOK 32.0b

Price-To-Earnings vs Peers: LSG is good value based on its Price-To-Earnings Ratio (16.6x) compared to the peer average (22.9x).

Price to Earnings Ratio vs Industry

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

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: LSG is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the European Food industry average (14x).

Price to Earnings Ratio vs Fair Ratio

What is LSG'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.

LSG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	16.6x
Fair PE Ratio	20.4x

Price-To-Earnings vs Fair Ratio: LSG is good value based on its Price-To-Earnings Ratio (16.6x) compared to the estimated Fair Price-To-Earnings Ratio (20.4x).

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 LSG 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 53.80	NOK 61.14 +13.6%	9.9%	NOK 70.00	NOK 51.00	n/a	7
Feb ’26	NOK 56.15	NOK 60.86 +8.4%	9.8%	NOK 70.00	NOK 51.00	n/a	7
Jan ’26	NOK 49.16	NOK 59.14 +20.3%	9.9%	NOK 70.00	NOK 51.00	n/a	7
Dec ’25	NOK 51.50	NOK 58.33 +13.3%	5.2%	NOK 63.00	NOK 53.00	n/a	6
Nov ’25	NOK 50.50	NOK 59.14 +17.1%	7.9%	NOK 67.00	NOK 50.00	n/a	7
Oct ’25	NOK 50.00	NOK 57.71 +15.4%	7.0%	NOK 64.00	NOK 50.00	n/a	7
Sep ’25	NOK 50.25	NOK 57.43 +14.3%	6.8%	NOK 64.00	NOK 50.00	n/a	7
Aug ’25	NOK 46.80	NOK 56.50 +20.7%	1.7%	NOK 58.00	NOK 55.00	n/a	6
Jul ’25	NOK 42.74	NOK 56.50 +32.2%	1.7%	NOK 58.00	NOK 55.00	n/a	6
Jun ’25	NOK 46.02	NOK 56.50 +22.8%	1.7%	NOK 58.00	NOK 55.00	n/a	6
May ’25	NOK 49.20	NOK 54.67 +11.1%	4.0%	NOK 58.00	NOK 52.00	n/a	6
Apr ’25	NOK 47.76	NOK 54.33 +13.8%	4.7%	NOK 58.00	NOK 51.00	n/a	6
Mar ’25	NOK 47.28	NOK 52.50 +11.0%	4.1%	NOK 55.00	NOK 49.00	n/a	6
Feb ’25	NOK 42.10	NOK 51.33 +21.9%	5.8%	NOK 55.00	NOK 47.00	NOK 56.15	6
Jan ’25	NOK 41.84	NOK 51.67 +23.5%	7.5%	NOK 58.00	NOK 47.00	NOK 49.16	6
Dec ’24	NOK 41.98	NOK 51.67 +23.1%	7.5%	NOK 58.00	NOK 47.00	NOK 51.50	6
Nov ’24	NOK 44.22	NOK 58.82 +33.0%	11.8%	NOK 72.00	NOK 50.00	NOK 50.50	6
Oct ’24	NOK 44.88	NOK 58.98 +31.4%	11.5%	NOK 72.00	NOK 50.00	NOK 50.00	6
Sep ’24	NOK 43.84	NOK 58.98 +34.5%	11.5%	NOK 72.00	NOK 50.00	NOK 50.25	6
Aug ’24	NOK 42.58	NOK 63.41 +48.9%	11.6%	NOK 72.00	NOK 50.00	NOK 46.80	7
Jul ’24	NOK 40.72	NOK 64.82 +59.2%	10.9%	NOK 72.00	NOK 50.00	NOK 42.74	6
Jun ’24	NOK 49.38	NOK 64.82 +31.3%	10.9%	NOK 72.00	NOK 50.00	NOK 46.02	6
May ’24	NOK 56.05	NOK 63.94 +14.1%	9.8%	NOK 72.00	NOK 50.00	NOK 49.20	7
Apr ’24	NOK 54.30	NOK 62.09 +14.3%	10.1%	NOK 72.00	NOK 50.00	NOK 47.76	7
Mar ’24	NOK 51.05	NOK 61.66 +20.8%	9.7%	NOK 72.00	NOK 50.00	NOK 47.28	7
Feb ’24	NOK 59.40	NOK 63.14 +6.3%	13.1%	NOK 75.00	NOK 52.00	NOK 42.10	7

Analyst Price Target

Consensus Narrative from 7 Analysts

NOK 61.14

Fair Value

12.0% undervalued

Number of Analysts

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	2025/02/07 02:14
End of Day Share Price	2025/02/07 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.

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 Github.

Analyst Sources

Lerøy Seafood Group ASA is covered by 19 analysts. 7 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
Thomas Lorck	Arctic Securities ASA
Alexander Sloane	Barclays