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SALM

Salmon Evolution OB:SALME Stock Report

Last Price

kr7.96

Market Cap

kr2.8b

7D

-2.1%

1Y

6.3%

Updated

02 Oct, 2022

Data

Company Financials +
SALME fundamental analysis
Snowflake Score
Valuation1/6
Future Growth5/6
Past Performance0/6
Financial Health3/6
Dividends0/6

SALME Stock Overview

Salmon Evolution ASA operates as a land-based salmon farming company in Norway.

Salmon Evolution Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Salmon Evolution
Historical stock prices
Current Share Pricekr7.96
52 Week Highkr11.70
52 Week Lowkr7.25
Beta1.01
1 Month Change-5.24%
3 Month Change-7.33%
1 Year Change6.28%
3 Year Changen/a
5 Year Changen/a
Change since IPO6.13%

Recent News & Updates

Shareholder Returns

SALMENO FoodNO Market
7D-2.1%-20.4%-0.1%
1Y6.3%-28.3%-5.4%

Return vs Industry: SALME exceeded the Norwegian Food industry which returned -28.3% over the past year.

Return vs Market: SALME exceeded the Norwegian Market which returned -5.4% over the past year.

Price Volatility

Is SALME's price volatile compared to industry and market?
SALME volatility
SALME Average Weekly Movement4.2%
Food Industry Average Movement6.6%
Market Average Movement6.8%
10% most volatile stocks in NO Market11.3%
10% least volatile stocks in NO Market3.8%

Stable Share Price: SALME is less volatile than 75% of Norwegian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: SALME's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
201719Hakon Berghttps://www.salmonevolution.no

Salmon Evolution ASA operates as a land-based salmon farming company in Norway. It focuses on the production of salmon meals. The company was founded in 2017 and is headquartered in Elnesvågen, Norway.

Salmon Evolution Fundamentals Summary

How do Salmon Evolution's earnings and revenue compare to its market cap?
SALME fundamental statistics
Market Capkr2.75b
Earnings (TTM)-kr22.92m
Revenue (TTM)kr31.56m

87.2x

P/S Ratio

-120.1x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SALME income statement (TTM)
Revenuekr31.56m
Cost of Revenuekr2.20m
Gross Profitkr29.36m
Other Expenseskr52.28m
Earnings-kr22.92m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 16, 2022

Earnings per share (EPS)-0.066
Gross Margin93.03%
Net Profit Margin-72.61%
Debt/Equity Ratio29.4%

How did SALME perform over the long term?

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

Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book 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 SALME?

Other financial metrics that can be useful for relative valuation.

SALME 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/Revenue85.8x
Enterprise Value/EBITDA-66.4x
PEG Ration/a

Price to Book Ratio vs Peers

How does SALME's PB Ratio compare to its peers?

SALME PB Ratio vs Peers
The above table shows the PB ratio for SALME vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average1.7x
AFISH Arctic Fish Holding
3x46.2%kr3.0b
IFISH Ice Fish Farm
1x79.0%kr2.2b
MAS Måsøval
2x-18.2%kr3.9b
AKBM Aker BioMarine
0.9x40.1%kr3.9b
SALME Salmon Evolution
1.7x71.4%kr2.8b

Price-To-Book vs Peers: SALME is expensive based on its Price-To-Book Ratio (1.7x) compared to the peer average (1.7x).


Price to Earnings Ratio vs Industry

How does SALME's PE Ratio compare vs other companies in the NO Food Industry?

Price-To-Book vs Industry: SALME is expensive based on its Price-To-Book Ratio (1.7x) compared to the Norwegian Food industry average (1.7x)


Price to Book Ratio vs Fair Ratio

What is SALME's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SALME PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1.7x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate SALME's Price-To-Book Fair Ratio for valuation analysis.


Share Price vs Fair Value

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

Below Fair Value: Insufficient data to calculate SALME's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate SALME's fair value for valuation analysis.


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 more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

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

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


71.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SALME is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.1%).

Earnings vs Market: SALME is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: SALME is expected to become profitable in the next 3 years.

Revenue vs Market: SALME's revenue (54.1% per year) is forecast to grow faster than the Norwegian market (0.4% per year).

High Growth Revenue: SALME's revenue (54.1% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SALME's Return on Equity is forecast to be low in 3 years time (6.4%).


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Past Performance

How has Salmon Evolution 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


-38.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SALME is currently unprofitable.

Growing Profit Margin: SALME is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: SALME is unprofitable, and losses have increased over the past 5 years at a rate of 38.2% per year.

Accelerating Growth: Unable to compare SALME's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: SALME is unprofitable, making it difficult to compare its past year earnings growth to the Food industry (58.4%).


Return on Equity

High ROE: SALME has a negative Return on Equity (-1.45%), as it is currently unprofitable.


Discover strong past performing companies

Financial Health

How is Salmon Evolution's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: SALME's short term assets (NOK642.2M) exceed its short term liabilities (NOK174.3M).

Long Term Liabilities: SALME's short term assets (NOK642.2M) exceed its long term liabilities (NOK458.7M).


Debt to Equity History and Analysis

Debt Level: SALME has more cash than its total debt.

Reducing Debt: Insufficient data to determine if SALME's debt to equity ratio has reduced over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: SALME has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: SALME has less than a year of cash runway if free cash flow continues to reduce at historical rates of 89.1% each year


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Dividend

What is Salmon Evolution 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

Dividend Yield vs Market

Salmon Evolution Dividend Yield vs Market
How does Salmon Evolution dividend yield compare to the market?
SegmentDividend Yield
Company (Salmon Evolution)n/a
Market Bottom 25% (NO)3.8%
Market Top 25% (NO)8.0%
Industry Average (Food)4.4%
Analyst forecast in 3 Years (Salmon Evolution)0%

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

High Dividend: Unable to evaluate SALME'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 SALME's dividends per share have been stable in the past.

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


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

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


Discover strong dividend paying companies

Management

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

2.0yrs

Average management tenure


CEO

Hakon Berg

2.33yrs

Tenure

Mr. Håkon André Berg serves as Chief Executive Officer at Salmon Evolution Holding AS since June 2020 and served as its Chief Financial Officer until June 2020. Mr. Berg has almost 15 years of experience i...


Leadership Team

Experienced Management: SALME's management team is considered experienced (2 years average tenure).


Board Members

Experienced Board: SALME's board of directors are not considered experienced ( 2.8 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.


Recent Insider Transactions

OB:SALME Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
08 Sep 22Buykr7,000,001Rofisk AsCompany840,235kr8.33
21 Feb 22Buykr132,300Anne BreibyIndividual15,000kr8.82
11 Feb 22Buykr1,897,877Rofisk AsCompany201,266kr9.43
11 Feb 22Buykr1,368,915Roger HalsebakkIndividual150,000kr9.13
04 Jan 22Sellkr1,582,855Hakon BergIndividual185,000kr8.58
04 Jan 22Sellkr1,411,736Trond Schaug-PettersenIndividual165,000kr8.58
04 Jan 22Sellkr855,597Ingjarl SkarvoyIndividual100,000kr8.58
23 Nov 21Buykr215,150Bortebakken ASCompany26,000kr8.28
13 Oct 21Buykr193,615Hakon BergIndividual24,925kr7.77
13 Oct 21Buykr182,194Trond Schaug-PettersenIndividual23,334kr7.81

Ownership Breakdown

What is the ownership structure of SALME?
Owner TypeNumber of SharesOwnership Percentage
Public Companies7,606,6062.2%
VC/PE Firms17,633,4965.1%
Individual Insiders27,424,7837.9%
Institutions80,238,78423.2%
General Public86,210,51624.9%
Private Companies126,640,63736.6%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 13.3%.


Top Shareholders

Top 25 shareholders own 73.81% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
7.9%
Roger Halsebakk
27,314,631NOK217.4m-0.29%no data
6.6%
BNY Mellon Asset Management
22,819,818NOK181.6m0.28%no data
6.1%
Romsdalsfisk AS
21,089,339NOK167.9m0%no data
6.04%
Arctic Asset Management AS
20,889,534NOK166.3m0%1.26%
5.1%
Farvatn Private Equity As
17,633,496NOK140.4m-0.09%50.31%
4.6%
Dongwon Enterprise Co., Ltd.
15,904,722NOK126.6m-0.87%no data
4.2%
Rofisk As
14,537,897NOK115.7m6.13%no data
3.3%
Stette Invest AS
11,409,909NOK90.8m-1.38%no data
3.2%
KjølÅS Stansekniver As
11,064,154NOK88.1m-1.28%no data
2.7%
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
9,335,380NOK74.3m-2.92%no data
2.4%
Mevold Invest AS
8,298,116NOK66.1m1.93%no data
2.31%
Lyndheim Invest As
7,992,252NOK63.6m1.28%no data
2.3%
Lyngheim Invest AS
7,952,361NOK63.3m0%no data
2.3%
Jakob Hatteland Holding AS
7,952,361NOK63.3m1.81%no data
2.2%
Mitsubishi Corporation
7,606,606NOK60.5m2.22%no data
2.2%
Bortebakken AS
7,606,606NOK60.5m1.07%no data
1.9%
DNB Asset Management AS
6,569,342NOK52.3m-65.46%0.02%
1.7%
Nordnet Pensionsförsäkring Ab, Asset Management Arm
5,874,345NOK46.8m5.06%1.49%
1.09%
Salmoserve AS
3,782,921NOK30.1m1.49%no data
1.09%
SEB Investment Management AB
3,759,138NOK29.9m0%0.01%
1.03%
Amundi Asset Management
3,551,011NOK28.3m0%no data
0.97%
Svemorka Holding As
3,350,000NOK26.7m0%no data
0.93%
CARN Capital AS
3,213,759NOK25.6m0%3.85%
0.88%
SmÅGe Eiendom As
3,033,333NOK24.1m0%no data
0.77%
Nordang Holding AS
2,666,666NOK21.2m0%no data

Company Information

Salmon Evolution ASA's employee growth, exchange listings and data sources


Key Information

  • Name: Salmon Evolution ASA
  • Ticker: SALME
  • Exchange: OB
  • Founded: 2017
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: kr2.752b
  • Shares outstanding: 345.75m
  • Website: https://www.salmonevolution.no

Number of Employees


Location

  • Salmon Evolution ASA
  • Torget 5
  • Elnesvågen
  • Møre og Romsdal
  • 6440
  • Norway


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
60EBST (Boerse-Stuttgart)YesShare CapitalDEEURSep 2020
SALMEOB (Oslo Bors)YesShare CapitalNONOKSep 2020
60EDB (Deutsche Boerse AG)YesShare CapitalDEEURSep 2020
SALMEOBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBNOKSep 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 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.