SalMar ASA

OB:SALM Stock Report

Market Cap: NOK 74.5b

SalMar Valuation

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

Discounted Cash Flow
Simply Wall St
NOK 2.13k
Fair Value
73.5% undervalued intrinsic discount
10
Number of Analysts

Below Fair Value: SALM (NOK565.5) is trading below our estimate of fair value (NOK2133.86)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SALM. This is calculated by dividing SALM's market cap by their current earnings.
What is SALM's PE Ratio?
PE Ratio22.7x
EarningsNOK 3.28b
Market CapNOK 74.53b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SALM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.5x
ORK Orkla
18.2x8.5%NOK 103.4b
MOWI Mowi
22.3x38.1%NOK 111.6b
BAKKA P/F Bakkafrost
40.9x45.0%NOK 36.2b
LSG Lerøy Seafood Group
16.6x25.9%NOK 32.0b
SALM SalMar
22.7x28.6%NOK 74.5b

Price-To-Earnings vs Peers: SALM is good value based on its Price-To-Earnings Ratio (22.7x) compared to the peer average (24.5x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SALM 22.7xIndustry Avg. 14.1xNo. of Companies18PE01020304050+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SALM is expensive based on its Price-To-Earnings Ratio (22.7x) compared to the European Food industry average (14x).

Price to Earnings Ratio vs Fair Ratio

What is SALM'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.

SALM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.7x
Fair PE Ratio22.4x

Price-To-Earnings vs Fair Ratio: SALM is expensive based on its Price-To-Earnings Ratio (22.7x) compared to the estimated Fair Price-To-Earnings Ratio (22.4x).

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 SALM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 565.50
NOK 638.90
+13.0%
11.7%NOK 785.00NOK 525.00n/a10
Feb ’26NOK 599.50
NOK 645.00
+7.6%
11.6%NOK 781.00NOK 525.00n/a9
Jan ’26NOK 540.50
NOK 644.00
+19.1%
11.5%NOK 781.00NOK 525.00n/a9
Dec ’25NOK 574.00
NOK 620.00
+8.0%
10.8%NOK 705.00NOK 520.00n/a8
Nov ’25NOK 542.50
NOK 637.38
+17.5%
12.1%NOK 740.00NOK 520.00n/a8
Oct ’25NOK 561.50
NOK 652.63
+16.2%
12.1%NOK 760.00NOK 520.00n/a8
Sep ’25NOK 551.00
NOK 678.00
+23.0%
9.2%NOK 760.00NOK 556.00n/a8
Aug ’25NOK 623.50
NOK 677.00
+8.6%
8.3%NOK 760.00NOK 580.00n/a9
Jul ’25NOK 554.00
NOK 685.00
+23.6%
9.1%NOK 770.00NOK 580.00n/a9
Jun ’25NOK 638.50
NOK 698.89
+9.5%
8.8%NOK 820.00NOK 630.00n/a9
May ’25NOK 701.50
NOK 710.13
+1.2%
7.8%NOK 820.00NOK 640.00n/a8
Apr ’25NOK 715.40
NOK 699.00
-2.3%
7.7%NOK 820.00NOK 650.00n/a8
Mar ’25NOK 680.20
NOK 670.75
-1.4%
5.9%NOK 730.00NOK 600.00n/a8
Feb ’25NOK 581.40
NOK 652.38
+12.2%
4.8%NOK 705.00NOK 600.00NOK 599.508
Jan ’25NOK 569.20
NOK 615.00
+8.0%
10.6%NOK 680.00NOK 480.00NOK 540.508
Dec ’24NOK 593.40
NOK 615.00
+3.6%
10.6%NOK 680.00NOK 480.00NOK 574.008
Nov ’24NOK 533.00
NOK 581.25
+9.1%
7.8%NOK 625.00NOK 480.00NOK 542.508
Oct ’24NOK 543.40
NOK 569.38
+4.8%
10.5%NOK 630.00NOK 460.00NOK 561.508
Sep ’24NOK 524.00
NOK 548.75
+4.7%
9.2%NOK 605.00NOK 460.00NOK 551.008
Aug ’24NOK 469.70
NOK 561.88
+19.6%
11.9%NOK 652.00NOK 460.00NOK 623.508
Jul ’24NOK 432.90
NOK 561.88
+29.8%
11.9%NOK 652.00NOK 460.00NOK 554.008
Jun ’24NOK 486.20
NOK 553.13
+13.8%
14.2%NOK 652.00NOK 420.00NOK 638.508
May ’24NOK 472.50
NOK 503.56
+6.6%
13.5%NOK 630.00NOK 370.00NOK 701.509
Apr ’24NOK 455.80
NOK 491.44
+7.8%
13.9%NOK 630.00NOK 370.00NOK 715.409
Mar ’24NOK 431.60
NOK 492.78
+14.2%
13.9%NOK 630.00NOK 370.00NOK 680.209
Feb ’24NOK 464.60
NOK 446.00
-4.0%
16.6%NOK 580.00NOK 343.00NOK 581.409
Analyst Price Target
Consensus Narrative from 10 Analysts
NOK 638.90
Fair Value
11.5% undervalued intrinsic discount
10
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

DataLast Updated (UTC time)
Company Analysis2025/02/07 05:49
End of Day Share Price 2025/02/07 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.

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

SalMar ASA is covered by 21 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Thomas LorckArctic Securities ASA
Alexander SloaneBarclays