We’ve recently updated our valuation analysis.

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

  • 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 SALM?

Other financial metrics that can be useful for relative valuation.

SALM 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/Revenue3.2x
Enterprise Value/EBITDA9.6x
PEG Ratio-1.6x

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.
CompanyPEEstimated GrowthMarket Cap
Peer Average11.8x
ORK Orkla
13.2x2.4%kr69.2b
MOWI Mowi
10.6x-7.9%kr80.2b
BAKKA P/F Bakkafrost
15.3x-2.3%kr31.5b
LSG Lerøy Seafood Group
8.3x-8.1%kr28.5b
SALM SalMar
12.7x-8.0%kr49.5b

Price-To-Earnings vs Peers: SALM is expensive based on its Price-To-Earnings Ratio (12.7x) compared to the peer average (11.8x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a0.3%
n/an/an/a

Price-To-Earnings vs Industry: SALM is good value based on its Price-To-Earnings Ratio (12.7x) compared to the European Food industry average (15.9x)


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 Ratio12.7x
Fair PE Ratio12.2x

Price-To-Earnings vs Fair Ratio: SALM is expensive based on its Price-To-Earnings Ratio (12.7x) compared to the estimated Fair Price-To-Earnings Ratio (12.2x).


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.

Below Fair Value: SALM (NOK341.2) is trading below our estimate of fair value (NOK486.1)

Significantly Below Fair Value: SALM 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?

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
Currentkr341.20
kr437.00
+28.1%
24.2%kr640.00kr329.00n/a8
Nov ’23kr339.60
kr489.71
+44.2%
31.9%kr760.00kr343.00n/a7
Oct ’23kr367.20
kr699.88
+90.6%
10.3%kr780.00kr580.00n/a8
Sep ’23kr660.50
kr736.75
+11.5%
10.4%kr875.00kr610.00n/a8
Aug ’23kr696.00
kr741.63
+6.6%
9.7%kr875.00kr639.00n/a8
Jul ’23kr681.50
kr740.71
+8.7%
10.6%kr875.00kr630.00n/a7
Jun ’23kr704.00
kr740.71
+5.2%
10.6%kr875.00kr630.00n/a7
May ’23kr773.00
kr723.43
-6.4%
11.2%kr875.00kr606.00n/a7
Apr ’23kr725.50
kr710.14
-2.1%
8.8%kr800.00kr606.00n/a7
Mar ’23kr659.00
kr671.83
+1.9%
9.5%kr800.00kr606.00n/a6
Feb ’23kr611.80
kr648.13
+5.9%
8.7%kr760.00kr560.00n/a8
Jan ’23kr608.00
kr648.13
+6.6%
8.7%kr760.00kr560.00n/a8
Dec ’22kr575.20
kr648.13
+12.7%
8.7%kr760.00kr560.00n/a8
Nov ’22kr633.80
kr648.25
+2.3%
10.8%kr810.00kr580.00kr339.608
Oct ’22kr585.20
kr656.57
+12.2%
11.1%kr810.00kr580.00kr367.207
Sep ’22kr585.60
kr644.29
+10.0%
11.1%kr810.00kr580.00kr660.507
Aug ’22kr586.20
kr635.71
+8.4%
7.1%kr730.00kr580.00kr696.007
Jul ’22kr574.20
kr633.57
+10.3%
7.2%kr730.00kr580.00kr681.507
Jun ’22kr612.40
kr615.00
+0.4%
10.1%kr730.00kr500.00kr704.008
May ’22kr577.80
kr606.25
+4.9%
10.7%kr750.00kr500.00kr773.008
Apr ’22kr590.00
kr605.71
+2.7%
11.5%kr750.00kr500.00kr725.507
Mar ’22kr584.40
kr587.50
+0.5%
14.4%kr750.00kr450.00kr659.008
Feb ’22kr528.60
kr534.38
+1.1%
15.6%kr700.00kr430.00kr611.808
Jan ’22kr503.60
kr508.75
+1.0%
10.4%kr580.00kr430.00kr608.008
Dec ’21kr487.50
kr508.75
+4.4%
10.4%kr580.00kr430.00kr575.208
Nov ’21kr482.50
kr491.88
+1.9%
8.3%kr550.00kr430.00kr633.808

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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