Nordic Aqua Partners A/S

OB:NOAP Stock Report

Market Cap: NOK 1.6b

Nordic Aqua Partners Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: NOAP (NOK74) is trading below our estimate of fair value (NOK975.53)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for NOAP. This is calculated by dividing NOAP's market cap by their current revenue.
What is NOAP's PS Ratio?
PS Ratio26.9x
Sales€4.93m
Market Cap€132.80m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for NOAP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.2x
SALME Salmon Evolution
7.5x41.2%NOK 3.1b
NCOD Norcod
1.7xn/aNOK 619.3m
STATT Statt Torsk
1xn/aNOK 112.4m
AFISH Arctic Fish Holding
2.5x28.3%NOK 2.3b
NOAP Nordic Aqua Partners
26.9x53.0%NOK 1.6b

Price-To-Sales vs Peers: NOAP is expensive based on its Price-To-Sales Ratio (26.9x) compared to the peer average (3.2x).

Price to Sales Ratio vs Industry

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

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
No more companies available in this PS range
NOAP 26.9xIndustry Avg. 2.5xNo. of Companies3PS01.22.43.64.86+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: NOAP is expensive based on its Price-To-Sales Ratio (26.9x) compared to the Norwegian Food industry average (2.5x).

Price to Sales Ratio vs Fair Ratio

What is NOAP'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.

NOAP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio26.9x
Fair PS Ratio30.5x

Price-To-Sales vs Fair Ratio: NOAP is good value based on its Price-To-Sales Ratio (26.9x) compared to the estimated Fair Price-To-Sales Ratio (30.5x).

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 NOAP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 74.00
NOK 115.04
+55.5%
4.1%NOK 119.74NOK 110.33n/a2
Dec ’25NOK 74.50
NOK 115.04
+54.4%
4.1%NOK 119.74NOK 110.33n/a2
Nov ’25NOK 79.50
NOK 135.96
+71.0%
12.0%NOK 152.23NOK 119.69n/a2
Oct ’25NOK 80.00
NOK 148.33
+85.4%
2.3%NOK 151.70NOK 144.97n/a2
Sep ’25NOK 93.00
NOK 147.75
+58.9%
1.5%NOK 150.00NOK 145.51n/a2
Aug ’25NOK 127.00
NOK 139.53
+9.9%
25.1%NOK 174.55NOK 104.51n/a2
Jul ’25NOK 132.00
NOK 139.53
+5.7%
25.1%NOK 174.55NOK 104.51n/a2
Jun ’25NOK 170.00
NOK 139.53
-17.9%
25.1%NOK 174.55NOK 104.51n/a2
May ’25NOK 134.00
NOK 140.77
+5.1%
24.3%NOK 174.99NOK 106.56n/a2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/23 13:34
End of Day Share Price 2024/12/23 00:00
Earnings2024/09/30
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

Nordic Aqua Partners A/S is covered by 2 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
Mindaugas CekanaviciusNorne Securities AS
Sander LiePareto Securities