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NRS

Norway Royal Salmon OB:NRS Stock Report

Last Price

kr220.00

Market Cap

kr9.5b

7D

-7.6%

1Y

20.9%

Updated

25 Sep, 2022

Data

Company Financials +
NRS fundamental analysis
Snowflake Score
Valuation2/6
Future Growth4/6
Past Performance0/6
Financial Health3/6
Dividends0/6

NRS Stock Overview

Norway Royal Salmon ASA produces, harvests, sells, and markets smolt and salmon products in Norway.

Norway Royal Salmon Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Norway Royal Salmon
Historical stock prices
Current Share Pricekr220.00
52 Week Highkr265.00
52 Week Lowkr143.60
Beta-0.10
1 Month Change-11.65%
3 Month Change-13.39%
1 Year Change20.88%
3 Year Change13.52%
5 Year Change31.34%
Change since IPO909.17%

Recent News & Updates

Shareholder Returns

NRSNO FoodNO Market
7D-7.6%-3.9%-5.9%
1Y20.9%-12.6%-3.3%

Return vs Industry: NRS exceeded the Norwegian Food industry which returned -12.6% over the past year.

Return vs Market: NRS exceeded the Norwegian Market which returned -3.3% over the past year.

Price Volatility

Is NRS's price volatile compared to industry and market?
NRS volatility
NRS Average Weekly Movement3.2%
Food Industry Average Movement4.7%
Market Average Movement6.7%
10% most volatile stocks in NO Market11.5%
10% least volatile stocks in NO Market3.6%

Stable Share Price: NRS is less volatile than 75% of Norwegian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: NRS's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1992273Charles Høstlundhttps://www.norwayroyalsalmon.com

Norway Royal Salmon ASA produces, harvests, sells, and markets smolt and salmon products in Norway. The company offers fresh and frozen salmon fish, round fish, fillet, portions, and smoked and marinated products. It also exports its products to 48 countries.

Norway Royal Salmon Fundamentals Summary

How do Norway Royal Salmon's earnings and revenue compare to its market cap?
NRS fundamental statistics
Market Capkr9.54b
Earnings (TTM)kr300.26m
Revenue (TTM)kr6.37b

31.8x

P/E Ratio

1.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NRS income statement (TTM)
Revenuekr6.37b
Cost of Revenuekr5.06b
Gross Profitkr1.31b
Other Expenseskr1.01b
Earningskr300.26m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 16, 2022

Earnings per share (EPS)6.92
Gross Margin20.60%
Net Profit Margin4.71%
Debt/Equity Ratio42.1%

How did NRS perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

NRS 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/Revenue2x
Enterprise Value/EBITDA20.5x
PEG Ratio1.3x

Price to Earnings Ratio vs Peers

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

NRS PE Ratio vs Peers
The above table shows the PE ratio for NRS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average12.2x
GSF Grieg Seafood
6.4x-8.0%kr11.3b
ISLAX Icelandic Salmon
25.1x28.3%kr5.3b
MAS Måsøval
8.9x-18.2%kr5.2b
AUSS Austevoll Seafood
8.3x5.6%kr19.2b
NRS Norway Royal Salmon
31.8x24.6%kr9.5b

Price-To-Earnings vs Peers: NRS is expensive based on its Price-To-Earnings Ratio (31.8x) compared to the peer average (12.2x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: NRS is expensive based on its Price-To-Earnings Ratio (31.8x) compared to the European Food industry average (15.8x)


Price to Earnings Ratio vs Fair Ratio

What is NRS'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.

NRS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio31.8x
Fair PE Ratio29.3x

Price-To-Earnings vs Fair Ratio: NRS is expensive based on its Price-To-Earnings Ratio (31.8x) compared to the estimated Fair Price-To-Earnings Ratio (29.3x).


Share Price vs Fair Value

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

Below Fair Value: NRS (NOK220) is trading below our estimate of fair value (NOK972.34)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

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


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Future Growth

How is Norway Royal Salmon forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


24.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NRS's forecast earnings growth (24.6% per year) is above the savings rate (1.1%).

Earnings vs Market: NRS's earnings (24.6% per year) are forecast to grow faster than the Norwegian market (-2.3% per year).

High Growth Earnings: NRS's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: NRS's revenue (7.3% per year) is forecast to grow faster than the Norwegian market (0.5% per year).

High Growth Revenue: NRS's revenue (7.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NRS's Return on Equity is forecast to be low in 3 years time (15.8%).


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Past Performance

How has Norway Royal Salmon performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-12.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NRS has a large one-off loss of NOK119.2M impacting its June 30 2022 financial results.

Growing Profit Margin: NRS's current net profit margins (4.7%) are lower than last year (9.5%).


Past Earnings Growth Analysis

Earnings Trend: NRS's earnings have declined by 12.1% per year over the past 5 years.

Accelerating Growth: NRS's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: NRS had negative earnings growth (-40.4%) over the past year, making it difficult to compare to the Food industry average (58.4%).


Return on Equity

High ROE: NRS's Return on Equity (6.6%) is considered low.


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Financial Health

How is Norway Royal Salmon's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: NRS's short term assets (NOK2.5B) exceed its short term liabilities (NOK1.3B).

Long Term Liabilities: NRS's short term assets (NOK2.5B) do not cover its long term liabilities (NOK2.8B).


Debt to Equity History and Analysis

Debt Level: NRS's net debt to equity ratio (40.4%) is considered high.

Reducing Debt: NRS's debt to equity ratio has increased from 28.6% to 42.1% over the past 5 years.

Debt Coverage: NRS's debt is well covered by operating cash flow (34.6%).

Interest Coverage: NRS's interest payments on its debt are well covered by EBIT (5.2x coverage).


Balance Sheet


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Dividend

What is Norway Royal Salmon current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.96%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate NRS's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate NRS's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if NRS's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if NRS's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: NRS is not paying a notable dividend for the Norwegian market.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as NRS has not reported any payouts.


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Management

How experienced are the management team and are they aligned to shareholders interests?

0.5yrs

Average management tenure


CEO

Charles Høstlund (47 yo)

0.42yr

Tenure

kr5,162,369

Compensation

Mr. Charles Høstlund serves as Interim Chief Executive Officer of Norway Royal Salmon AS since April 25, 2022. Previously served as the Chief Executive Officer of Norway Royal Salmon AS since 2014 until Se...


CEO Compensation Analysis

Compensation vs Market: Charles's total compensation ($USD487.39K) is about average for companies of similar size in the Norwegian market ($USD645.90K).

Compensation vs Earnings: Charles's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: NRS's management team is not considered experienced ( 0.5 years average tenure), which suggests a new team.


Board Members

Experienced Board: NRS's board of directors are not considered experienced ( 0.4 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 108.84% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
68.45%
NTS ASA
29,688,820NOK6.5b0%no data
6.17%
Karl Jørgensen
2,674,099NOK588.3m0%no data
3.75%
Gåsø Næringsutvikling AS
1,624,607NOK357.4m0%no data
3.29%
Global Alpha Capital Management Ltd.
1,427,711NOK314.1m0%1.26%
3.04%
Brown Brothers Harriman & Co., Asset Management Arm
1,320,280NOK290.5m12.94%0.2%
2.42%
Hellesund Fiskeoppdrett AS
1,051,076NOK231.2m0%no data
1.77%
BNY Mellon Asset Management
765,812NOK168.5m105.59%no data
1.7%
Havbruksinvest AS
737,803NOK162.3m5.28%no data
1.56%
Royal Bank of Canada, Banking & Securities Investments
678,800NOK149.3m0.44%0.01%
1.56%
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
678,095NOK149.2m36.56%0.01%
1.49%
Northern Trust Global Investments
644,894NOK141.9m1.96%no data
1.44%
Skandinaviska Enskilda Banken AB, Private Banking, Investment Banking, and Insurance Arm
625,000NOK137.5m0%0.25%
1.42%
Morgan Stanley, Investment Banking and Brokerage Investments
615,914NOK135.5m0%no data
1.37%
Oddo Bhf Asset Management SAS
596,348NOK131.2m0%0.23%
1.36%
State Street Global Advisors, Inc.
588,854NOK129.5m73.1%no data
1.1%
The Vanguard Group, Inc.
478,008NOK105.2m0%no data
1.03%
BNP Paribas Securities Corp, Asset Management Arm
445,626NOK98.0m-20.47%0.68%
0.98%
JPMorgan Chase & Co, Brokerage and Securities Investments
425,506NOK93.6m0%0.01%
0.92%
New York State Common Retirement Fund
397,466NOK87.4m0%0.01%
0.83%
Sissener AS
358,603NOK78.9m0%3.13%
0.8%
Verdipapirfondet Spar
347,599NOK76.5m101.96%no data
0.68%
MP Pensjon
293,589NOK64.6m0%1.16%
0.6%
Eika Kapitalforvaltning
262,129NOK57.7m37.96%1.86%
0.59%
Lovundlaks AS
255,354NOK56.2m0%no data
0.53%
General Electric Pension Trust
228,600NOK50.3m0%1.87%

Company Information

Norway Royal Salmon AS's employee growth, exchange listings and data sources


Key Information

  • Name: Norway Royal Salmon AS
  • Ticker: NRS
  • Exchange: OB
  • Founded: 1992
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: kr9.542b
  • Shares outstanding: 43.37m
  • Website: https://www.norwayroyalsalmon.com

Number of Employees


Location

  • Norway Royal Salmon AS
  • Ferjemannsveien 10
  • PO Box 2608
  • Trondheim
  • Sør-Trøndelag
  • 7414
  • Norway


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NRSOB (Oslo Bors)YesOrdinary SharesNONOKMar 2011
0P3NLSE (London Stock Exchange)YesOrdinary SharesGBNOKMar 2011
NRSOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKMar 2011
NRYY.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMar 2011
9NRDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMar 2011
NRYY.YOTCPK (Pink Sheets LLC)UNSPONSORD ADSUSUSDApr 2019

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/25 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.