Nordic Halibut Valuation

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

Below Fair Value: NOHAL (NOK24) is trading below our estimate of fair value (NOK289.07)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for NOHAL. This is calculated by dividing NOHAL's market cap by their current revenue.
What is NOHAL's PS Ratio?
PS Ratio	11.1x
Sales	NOK 84.42m
Market Cap	NOK 891.63m

NOHAL 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	13.2x
Enterprise Value/EBITDA	-17.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for NOHAL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2.5x
KING Kingfish	2.4x	32.5%	NOK 659.6m
NCOD Norcod	2.3x	n/a	NOK 787.8m
ASA Atlantic Sapphire	2.9x	25.9%	NOK 561.5m
AFISH Arctic Fish Holding	2.5x	29.3%	NOK 2.2b
NOHAL Nordic Halibut	11.1x	42.5%	NOK 891.6m

Price-To-Sales vs Peers: NOHAL is expensive based on its Price-To-Sales Ratio (11.1x) compared to the peer average (2.5x).

Price to Sales Ratio vs Industry

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

1 Company	Price / Sales	Estimated Growth	Market Cap
BARRA Barramundi Group	0.4x	n/a	US$5.28m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: NOHAL is expensive based on its Price-To-Sales Ratio (11.1x) compared to the Norwegian Food industry average (2.5x).

Price to Sales Ratio vs Fair Ratio

What is NOHAL'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.

NOHAL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	11.1x
Fair PS Ratio	10.6x

Price-To-Sales vs Fair Ratio: NOHAL is expensive based on its Price-To-Sales Ratio (11.1x) compared to the estimated Fair Price-To-Sales Ratio (10.6x).

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 NOHAL 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 24.00	NOK 32.50 +35.4%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Nov ’25	NOK 26.00	NOK 32.50 +25.0%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Oct ’25	NOK 27.20	NOK 32.50 +19.5%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Sep ’25	NOK 28.40	NOK 32.50 +14.4%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Aug ’25	NOK 27.40	NOK 32.50 +18.6%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Jul ’25	NOK 23.60	NOK 32.50 +37.7%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Jun ’25	NOK 22.20	NOK 32.50 +46.4%	7.7%	NOK 35.00	NOK 30.00	n/a	2
May ’25	NOK 22.60	NOK 32.50 +43.8%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Apr ’25	NOK 22.80	NOK 32.50 +42.5%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Mar ’25	NOK 20.80	NOK 32.50 +56.2%	7.7%	NOK 35.00	NOK 30.00	n/a	2
Dec ’24	NOK 21.60	NOK 33.50 +55.1%	4.5%	NOK 35.00	NOK 32.00	n/a	2
Nov ’24	NOK 20.80	NOK 33.50 +61.1%	4.5%	NOK 35.00	NOK 32.00	NOK 26.00	2
Nov ’23	NOK 22.20	NOK 42.50 +91.4%	5.9%	NOK 45.00	NOK 40.00	NOK 20.80	2

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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