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Orkla

OB:ORK
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ORK
OB
NOK67B
Market Cap
  1. Home
  2. NO
  3. Food, Beverage & Tobacco
Company description

Orkla ASA engages in the branded consumer goods, renewable energy, real estate, and financial investment businesses. The last earnings update was 3 days ago. More info.


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ORK Share Price and Events
7 Day Returns
-1.7%
OB:ORK
-4.6%
NO Food
1.5%
NO Market
1 Year Returns
-19.9%
OB:ORK
16.3%
NO Food
6.5%
NO Market
ORK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Orkla (ORK) -1.7% -0.6% -3.9% -19.9% -11.3% 33.1%
NO Food -4.6% -4% -2% 16.3% 37.5% 158.4%
NO Market 1.5% 1.5% 10.1% 6.5% 36% 28.6%
1 Year Return vs Industry and Market
  • ORK underperformed the Food industry which returned 16.3% over the past year.
  • ORK underperformed the Market in Norway which returned 6.5% over the past year.
Price Volatility
ORK
Industry
5yr Volatility vs Market

Value

 Is Orkla undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Orkla to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Orkla.

OB:ORK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year NO Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:ORK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.56 (1 + (1- 23%) (8.14%))
0.729
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (0.8 * 5.96%)
6.53%

Discounted Cash Flow Calculation for OB:ORK using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Orkla is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OB:ORK DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 6.53%)
2019 2,644.00 Analyst x5 2,481.98
2020 3,156.00 Analyst x6 2,781.05
2021 3,414.60 Analyst x5 2,824.55
2022 5,239.00 Analyst x1 4,068.12
2023 6,082.76 Est @ 16.11% 4,433.86
2024 6,800.63 Est @ 11.8% 4,653.36
2025 7,398.35 Est @ 8.79% 4,752.13
2026 7,892.60 Est @ 6.68% 4,758.93
2027 8,303.35 Est @ 5.2% 4,699.80
2028 8,649.69 Est @ 4.17% 4,595.82
Present value of next 10 years cash flows NOK40,049.59
OB:ORK DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= NOK8,649.69 × (1 + 1.76%) ÷ (6.53% – 1.76%)
NOK184,604.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK184,604.06 ÷ (1 + 6.53%)10
NOK98,085.20
OB:ORK Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK40,049.59 + NOK98,085.20
NOK138,134.80
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK138,134.80 / 999.52
NOK138.2
OB:ORK Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK138.20
Current discount Discount to share price of NOK67.26
= -1 x (NOK67.26 - NOK138.20) / NOK138.20
51.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Orkla is available for.
Intrinsic value
>50%
Share price is NOK67.26 vs Future cash flow value of NOK138.2
Current Discount Checks
For Orkla to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Orkla's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Orkla's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Orkla's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Orkla's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:ORK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in NOK NOK3.24
OB:ORK Share Price ** OB (2019-03-21) in NOK NOK67.26
Norway Food Industry PE Ratio Median Figure of 10 Publicly-Listed Food Companies 12.69x
Norway Market PE Ratio Median Figure of 129 Publicly-Listed Companies 13.18x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Orkla.

OB:ORK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:ORK Share Price ÷ EPS (both in NOK)

= 67.26 ÷ 3.24

20.74x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Orkla is overvalued based on earnings compared to the NO Food industry average.
  • Orkla is overvalued based on earnings compared to the Norway market.
Price based on expected Growth
Does Orkla's expected growth come at a high price?
Raw Data
OB:ORK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.74x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
7.5%per year
Norway Food Industry PEG Ratio Median Figure of 9 Publicly-Listed Food Companies 1.96x
Norway Market PEG Ratio Median Figure of 101 Publicly-Listed Companies 0.9x

*Line of best fit is calculated by linear regression .

OB:ORK PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.74x ÷ 7.5%

2.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Orkla is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Orkla's assets?
Raw Data
OB:ORK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in NOK NOK33.65
OB:ORK Share Price * OB (2019-03-21) in NOK NOK67.26
Norway Food Industry PB Ratio Median Figure of 11 Publicly-Listed Food Companies 3.68x
Norway Market PB Ratio Median Figure of 213 Publicly-Listed Companies 1.2x
OB:ORK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:ORK Share Price ÷ Book Value per Share (both in NOK)

= 67.26 ÷ 33.65

2x

* Primary Listing of Orkla.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Orkla is good value based on assets compared to the NO Food industry average.
X
Value checks
We assess Orkla's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. Orkla has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Orkla expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Orkla expected to grow at an attractive rate?
  • Orkla's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Orkla's earnings growth is positive but not above the Norway market average.
  • Orkla's revenue growth is positive but not above the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:ORK Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:ORK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 7.5%
OB:ORK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 2.8%
Norway Food Industry Earnings Growth Rate Market Cap Weighted Average 10.1%
Norway Food Industry Revenue Growth Rate Market Cap Weighted Average 6.8%
Norway Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Norway Market Revenue Growth Rate Market Cap Weighted Average 4.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:ORK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:ORK Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 46,045 7,330 4,459 2
2021-12-31 44,544 5,534 4,198 8
2020-12-31 43,477 5,228 3,953 8
2019-12-31 42,542 4,808 3,725 8
OB:ORK Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2018-12-31 40,837 4,388 3,272
2018-09-30 40,705 3,708 3,509
2018-06-30 40,437 3,891 3,492
2018-03-31 40,191 5,406 3,421
2017-12-31 39,561 6,067 3,516
2017-09-30 38,996 6,347 3,457
2017-06-30 38,567 6,184 3,359
2017-03-31 38,229 4,461 3,091
2016-12-31 37,758 4,118 3,403
2016-09-30 37,043 4,168 3,245
2016-06-30 35,995 3,932 3,158
2016-03-31 34,267 3,948 3,778

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Orkla's earnings are expected to grow by 7.5% yearly, however this is not considered high growth (20% yearly).
  • Orkla's revenue is expected to grow by 2.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:ORK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Orkla Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:ORK Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 4.40 4.73 4.07 2.00
2021-12-31 4.14 4.49 3.73 8.00
2020-12-31 3.90 4.07 3.73 8.00
2019-12-31 3.67 3.86 3.48 8.00
OB:ORK Past Financials Data
Date (Data in NOK Millions) EPS *
2018-12-31 3.24
2018-09-30 3.46
2018-06-30 3.43
2018-03-31 3.36
2017-12-31 3.46
2017-09-30 3.40
2017-06-30 3.31
2017-03-31 3.04
2016-12-31 3.34
2016-09-30 3.19
2016-06-30 3.10
2016-03-31 3.71

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Orkla is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Orkla's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Orkla has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Orkla performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Orkla's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Orkla's year on year earnings growth rate has been positive over the past 5 years.
  • Orkla's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Orkla's 1-year earnings growth is negative, it can't be compared to the NO Food industry average.
Earnings and Revenue History
Orkla's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Orkla Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:ORK Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 40,837.00 3,272.00 9,754.00
2018-09-30 40,705.00 3,509.00 9,614.00
2018-06-30 40,437.00 3,492.00 9,614.00
2018-03-31 40,191.00 3,421.00 9,613.00
2017-12-31 39,561.00 3,516.00 9,612.00
2017-09-30 38,996.00 3,457.00 9,327.00
2017-06-30 38,567.00 3,359.00 9,327.00
2017-03-31 38,229.00 3,091.00 9,328.00
2016-12-31 37,758.00 3,403.00 9,329.00
2016-09-30 37,043.00 3,245.00 8,366.00
2016-06-30 35,995.00 3,158.00 8,384.00
2016-03-31 34,267.00 3,778.00 8,361.00
2015-12-31 33,198.00 3,312.00 8,360.00
2015-09-30 31,746.00 2,874.00 7,473.00
2015-06-30 30,636.00 2,736.00 7,452.00
2015-03-31 30,127.00 2,330.00 7,474.00
2014-12-31 29,599.00 2,144.00 7,523.00
2014-09-30 28,891.00 2,593.00 7,004.00
2014-06-30 29,128.00 2,368.00 6,996.00
2014-03-31 27,809.00 1,954.00 6,985.00
2013-12-31 28,015.00 2,237.00 6,926.00
2013-09-30 29,025.00 1,980.00 6,556.00
2013-06-30 28,710.00 2,473.00 6,556.00
2013-03-31 30,046.00 2,967.00 6,556.00
2012-12-31 24,595.00 3,215.00 5,865.00
2012-09-30 29,599.00 3,928.00 6,828.00
2012-06-30 29,639.00 3,421.00 6,828.00
2012-03-31 22,227.00 2,928.00 6,828.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Orkla has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Orkla used its assets less efficiently than the NO Food industry average last year based on Return on Assets.
  • Orkla has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Orkla's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Orkla has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Orkla's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Orkla's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Orkla is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Orkla's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Orkla's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Orkla Company Filings, last reported 2 months ago.

OB:ORK Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 34,080.00 5,472.00 1,991.00
2018-09-30 32,313.00 5,350.00 1,281.00
2018-06-30 32,068.00 4,975.00 887.00
2018-03-31 34,821.00 5,007.00 4,141.00
2017-12-31 34,838.00 5,491.00 4,851.00
2017-09-30 37,984.00 9,809.00 1,556.00
2017-06-30 34,019.00 10,641.00 1,048.00
2017-03-31 35,113.00 9,220.00 1,064.00
2016-12-31 33,876.00 10,065.00 1,311.00
2016-09-30 32,532.00 10,978.00 1,115.00
2016-06-30 32,284.00 11,700.00 1,242.00
2016-03-31 33,958.00 10,317.00 1,838.00
2015-12-31 33,746.00 9,599.00 2,097.00
2015-09-30 32,112.00 10,680.00 2,297.00
2015-06-30 30,516.00 8,856.00 2,126.00
2015-03-31 31,902.00 9,168.00 2,807.00
2014-12-31 31,304.00 9,707.00 3,448.00
2014-09-30 29,849.00 10,401.00 2,479.00
2014-06-30 29,599.00 11,647.00 2,612.00
2014-03-31 31,104.00 10,538.00 3,438.00
2013-12-31 30,780.00 10,878.00 2,856.00
2013-09-30 29,773.00 11,879.00 2,329.00
2013-06-30 28,425.00 14,839.00 3,425.00
2013-03-31 31,371.00 11,684.00 8,580.00
2012-12-31 30,439.00 12,837.00 10,811.00
2012-09-30 31,173.00 14,361.00 6,549.00
2012-06-30 32,221.00 16,453.00 8,575.00
2012-03-31 34,985.00 16,795.00 11,484.00
  • Orkla's level of debt (16.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (35.3% vs 16.1% today).
  • Debt is well covered by operating cash flow (80.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 30.6x coverage).
X
Financial health checks
We assess Orkla's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Orkla has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Orkla's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.87%
Current annual income from Orkla dividends. Estimated to be 4.07% next year.
If you bought NOK2,000 of Orkla shares you are expected to receive NOK77 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Orkla's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.67%).
  • Orkla's dividend is below the markets top 25% of dividend payers in Norway (6.18%).
Upcoming dividend payment

Purchase Orkla on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:ORK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Norway Food Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 4.3%
Norway Market Average Dividend Yield Market Cap Weighted Average of 112 Stocks 4.2%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.8%
Norway Bottom 25% Dividend Yield 25th Percentile 2.7%
Norway Top 25% Dividend Yield 75th Percentile 6.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:ORK Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 2.95 2.00
2021-12-31 2.78 8.00
2020-12-31 2.72 8.00
2019-12-31 2.65 8.00
OB:ORK Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-03-13 2.600 3.849
2017-10-02 2.600 3.479
2017-04-11 2.600 3.183
2016-02-11 2.500 3.304
2015-04-17 2.500 3.858
2014-03-20 2.500 4.583
2014-02-06 2.500 5.262
2013-02-07 2.500 5.271
2012-03-29 2.500 5.663
2012-02-09 2.500 5.456
2011-02-10 2.500 5.270
2010-04-22 2.250 4.368
2009-03-23 2.250 4.449

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Orkla's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Orkla's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Orkla afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Orkla has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Orkla's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Peter Ruzicka
COMPENSATION NOK10,605,000
AGE 54
TENURE AS CEO 5.1 years
CEO Bio

Mr. Peter Arne Ruzicka has been the Chief Executive Officer, President and Member of Group Executive Board of Orkla ASA since February 10, 2014. Mr. Ruzicka serves as the Managing Director of Jernia ASA. Mr. Ruzicka served as the Chief Executive Officer of Canica AS. He served as the Managing Director of RIMI Norge AS from 1993 to 1995, as Managing Director of Hakon Gruppen AS from 1995 to 2000, Deputy Chief Executive Officer of ICA AB from 1998 to 2000, President and Chief Executive Officer of Ahold Czech Republic & Slovak Republic from 2000 to 2003. He was previously First company secretary and later marketing manager in Hagen Gruppen AS up to 1993. He serves as Chairman of the Board at Sapa AS. He serves as the Chairman of Komplett ASA and served as its Deputy Chairman. He serves as Director of Sapa AS. He serves as a Member of internal boards at Jernia. He served as a Director of REC Silicon ASA since May 22, 2012. He served as a Director of Orkla ASA from May 22, 2008 to February 10, 2014 and previously from May 22, 2003 to May 26, 2005. He served as a Director at Itera ASA. He served as a Director of Renewable Energy Corporation ASA since May 22, 2012. He holds a Degree in Business Economics, MBA from Oslo School of Business Administration.

CEO Compensation
  • Peter's compensation has been consistent with company performance over the past year.
  • Peter's remuneration is about average for companies of similar size in Norway.
Management Team Tenure

Average tenure and age of the Orkla management team in years:

4.9
Average Tenure
54
Average Age
  • The tenure for the Orkla management team is about average.
Management Team

Peter Ruzicka

TITLE
CEO, President & Member of Group Executive Board
COMPENSATION
NOK11M
AGE
54
TENURE
5.1 yrs

Jens Staff

TITLE
CFO, Executive VP & Member of Group Executive Board
COMPENSATION
NOK4M
AGE
51
TENURE
4.8 yrs

Karl Tveter

TITLE
Executive VP of Strategy
COMPENSATION
NOK5M
AGE
54
TENURE
7.1 yrs

Atle Nagel-Johansen

TITLE
Executive VP of Supply Chain
COMPENSATION
NOK7M
AGE
55
TENURE
6.8 yrs

Johan Clarin

TITLE
Executive VP
COMPENSATION
NOK5M
AGE
47
TENURE
5.5 yrs

Ann-Beth Freuchen

TITLE
Executive VP
COMPENSATION
NOK6M
AGE
47
TENURE
3.7 yrs

Håkon Mageli

TITLE
Group Director of Corporate Communications & Corporate Affairs and Member of Group Executive Board
COMPENSATION
NOK3M
AGE
54
TENURE
6.8 yrs

Christer Gronberg

TITLE
Executive VP of Group Functions & Member of Group Executive Board
AGE
57
TENURE
4.3 yrs

Jeanette Fladby

TITLE
Executive VP
TENURE
1.2 yrs

Johan Wilhelmsson

TITLE
Executive VP
TENURE
1.2 yrs
Board of Directors Tenure

Average tenure and age of the Orkla board of directors in years:

4.9
Average Tenure
55.5
Average Age
  • The tenure for the Orkla board of directors is about average.
Board of Directors

Stein Hagen

TITLE
Chairman
COMPENSATION
NOK868K
AGE
62
TENURE
12.8 yrs

Grace Skaugen

TITLE
Deputy Chairman
COMPENSATION
NOK748K
AGE
65

Nils Selte

TITLE
Director
COMPENSATION
NOK647K
AGE
53
TENURE
4.9 yrs

Terje Utstrand

TITLE
Director
COMPENSATION
NOK1M
AGE
54
TENURE
7.2 yrs

Roger Vangen

TITLE
Director
COMPENSATION
NOK1M
AGE
53
TENURE
2.9 yrs

Sverre Josvanger

TITLE
Director
COMPENSATION
NOK1M
AGE
55
TENURE
7.2 yrs

Ingrid Blank

TITLE
Director
COMPENSATION
NOK657K
AGE
56
TENURE
5.8 yrs

Lars Dahlgren

TITLE
Director
COMPENSATION
NOK543K
AGE
48
TENURE
4.9 yrs

Karin Hansson

TITLE
Director
COMPENSATION
NOK880K
AGE
58
TENURE
2.9 yrs

Liselott Kilaas

TITLE
Director
COMPENSATION
NOK340K
AGE
59
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Orkla insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
12. Feb 19 Buy Infovidi Board Services Limited Company 12. Feb 19 12. Feb 19 9,600 NOK67.13 NOK644,448
12. Feb 19 Buy Ingrid Blank Individual 12. Feb 19 12. Feb 19 2,750 NOK67.00 NOK184,250
12. Feb 19 Buy Håkon Mageli Individual 12. Feb 19 12. Feb 19 15,000 NOK67.01 NOK1,005,150
12. Feb 19 Buy Lars Dahlgren Individual 12. Feb 19 12. Feb 19 1,000 NOK67.10 NOK67,100
10. Dec 18 Buy Johan Wilhelmsson Individual 10. Dec 18 10. Dec 18 3,500 NOK68.21 NOK238,735
16. Jul 18 Buy Peter Ruzicka Individual 16. Jul 18 16. Jul 18 3,115 NOK65.24 NOK203,223
04. Jun 18 Buy Marie Omli Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Silje Johannesen Groeterud Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Erik Nordby Individual 04. Jun 18 04. Jun 18 144 NOK55.61 NOK8,008
04. Jun 18 Buy Svenerik Videén Individual 04. Jun 18 04. Jun 18 270 NOK55.61 NOK15,015
04. Jun 18 Buy Halvor Liodden Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Thomas Ljungqvist Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Christer Gronberg Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Karin Hansson Individual 04. Jun 18 04. Jun 18 270 NOK55.61 NOK15,015
04. Jun 18 Buy Johan Clarin Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Sverre Josvanger Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Camilla Robstad Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Jens Staff Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Stig Nilssen Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Pål Eikeland Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Atle Nagel-Johansen Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Håkon Mageli Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Terje Utstrand Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Terje Andersen Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Peter Ruzicka Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Karl Tveter Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
04. Jun 18 Buy Roger Vangen Individual 04. Jun 18 04. Jun 18 504 NOK55.61 NOK28,027
29. May 18 Buy Grace Skaugen Individual 29. May 18 29. May 18 3,000 NOK75.68 NOK227,040
08. May 18 Buy Peter Agnefjall Individual 07. May 18 07. May 18 10,000 NOK73.66 NOK736,600
08. May 18 Buy Ingrid Blank Individual 07. May 18 07. May 18 2,500 NOK73.96 NOK184,900
08. May 18 Buy Nils Selte Individual 07. May 18 07. May 18 3,000 NOK74.20 NOK222,600
08. May 18 Buy Stein Hagen Individual 07. May 18 07. May 18 10,000 NOK74.20 NOK742,000
08. May 18 Buy Lars Dahlgren Individual 07. May 18 07. May 18 2,500 NOK74.16 NOK185,400
08. May 18 Buy Liselott Kilaas Individual 07. May 18 07. May 18 2,700 NOK73.96 NOK199,692
X
Management checks
We assess Orkla's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Orkla has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why Orkla ASA (OB:ORK) Is A Top Dividend Stock

Orkla ASA (OB:ORK) has pleased shareholders over the past 10 years, by paying out dividends. … Let's take a look at Orkla in more detail. … Check out our latest analysis for Orkla

Simply Wall St -

If You Had Bought Orkla (OB:ORK) Shares Five Years Ago You'd Have Made 39%

For example, the Orkla ASA (OB:ORK) share price is up 39% in the last 5 years, clearly besting than the market return of around 28% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … This EPS growth is reasonably close to the 6.8% average annual increase in the share price.

Simply Wall St -

Is Orkla ASA's (OB:ORK) Liquidity Good Enough?

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Orkla ASA (OB:ORK) with a market-capitalization of øre68b, rarely draw their attention. … Despite this, the two other categories have lagged behind the risk-adjusted returns of commonly ignored mid-cap stocks. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis.

Simply Wall St -

Is Orkla ASA's (OB:ORK) 9.8% ROE Worse Than Average?

This article is for those who would like to learn about Return On Equity (ROE). … That means that for every NOK1 worth of shareholders' equity, it generated NOK0.098 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Should You Know About Orkla ASA's (OB:ORK) Earnings Trend?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … Orkla ASA's (OB:ORK) most recent earnings update in December 2018a

Simply Wall St -

Should Orkla ASA's (OB:ORK) Recent Earnings Decline Worry You?

ORK's trailing twelve-month earnings (from 31 December 2018) of øre3.3b has. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 9.6%, indicating the rate at which ORK is growing has slowed down

Simply Wall St -

What Are Analysts Saying About The Future Of Orkla ASA's (OB:ORK)?

In September 2018, Orkla ASA (OB:ORK) released its earnings update. … as a 8.3% rise in profits is expected in the upcoming year, … the higher past 5-year average growth rate of 11%

Simply Wall St -

Should We Worry About Orkla ASA's (OB:ORK) P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Orkla ASA's (OB:ORK) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Should You Worry About Orkla ASA's (OB:ORK) CEO Pay Cheque?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … Check out our latest analysis for Orkla? … How Does Peter Ruzicka's Compensation Compare With Similar Sized Companies?

Simply Wall St -

A Look At The Fair Value Of Orkla ASA (OB:ORK)

Today, I will calculate the stock's intrinsic value. … by taking the expected future cash flows and discounting them to today's value. … If you are reading this and its not January 2019 then I highly recommend you check out the latest calculation for Orkla by following the link below

Simply Wall St -

Company Info

Description

Orkla ASA engages in the branded consumer goods, renewable energy, real estate, and financial investment businesses. The company offers branded products, including pizza, ketchup, soups, sauces, bread toppings, and ready-to-eat meals through grocery retail trade, as well as the out-of-home, convenience store, and petrol station sectors. It also provides confectionery, biscuit, and snack products; and develops bran and crispbread products, as well as snack meals. In addition, the company offers cleaning products, toothbrushes, and personal hygiene products; hygiene and cleaning solutions to the professional market; dietary supplements and health products; basic garments through the grocery channel; painting tools and cleaning products; and wound care products, as well as operates Gymgrossisten and Bodystore e-commerce portals for health and sports nutrition products. Further, it supplies margarine and butter blends, yeast, bread and cake improvers and mixes, marzipan, and ice cream ingredients; produces and supplies power to the Nordic power market; and undertakes industrial property and real estate development projects. The company offers its food products under the Grandiosa, TORO, Stabburet, Felix, Paulúns, Abba, Kalles, Beauvais, Den Gamle Fabrik, Spilva, Vitana and MTR brands; snacks and confectionery products under the KiMs, Nidar, Göteborgs Kex, Sætre, OLW, Panda, Laima, Selga, Adazu, and Kalev brands; wound care and health products under the Möller’s, Collett, Salvequick, Nutrilett, Maxim, Riemann, Define, Sunsilk, Blenda, Jif, Sun, Zalo, Jordan, and Pierre Robert brands; and food ingredients under the Mors Hjemmebakte, Bakke Dal, and Naturli’ brands. It has operations in Norway, Sweden, Denmark, Finland, Iceland, the Baltics, rest of Europe, and internationally. The company is headquartered in Oslo, Norway.

Details
Name: Orkla ASA
ORK
Exchange: OB
Founded:
NOK67,227,763,021
999,520,711
Website: http://www.orkla.com
Address: Orkla ASA
Nedre Skøyenvei 26,
Oslo,
Oslo, 0276,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB ORK Ordinary Shares Oslo Bors NO NOK 02. Jan 1992
OTCPK ORKL.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB OKL Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0FIN Ordinary Shares London Stock Exchange GB NOK 02. Jan 1992
BATS-CHIXE ORKO Ordinary Shares BATS 'Chi-X Europe' GB NOK 02. Jan 1992
OTCPK ORKL.Y SPON ADR A Pink Sheets LLC US USD 26. Oct 1995
Number of employees
Current staff
Staff numbers
18,510
Orkla employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/21 21:23
End of day share price update: 2019/03/21 00:00
Last estimates confirmation: 2019/03/20
Last earnings filing: 2019/03/18
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.