Salmon Evolution ASA

OB:SALME Stock Report

Market Cap: NOK 3.2b

Salmon Evolution Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

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.

Key Valuation Metric

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

Key metric: As SALME is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for SALME. This is calculated by dividing SALME's market cap by their current revenue.
What is SALME's PS Ratio?
PS Ratio7.7x
SalesNOK 410.89m
Market CapNOK 3.16b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for SALME vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average10.1x
MAS Måsøval
1.3x9.0%NOK 3.4b
NOAP Nordic Aqua Partners
27.5x52.1%NOK 1.6b
KLDVK Kaldvik
8.8x52.4%NOK 3.4b
ISLAX Icelandic Salmon
2.6x17.9%NOK 3.9b
SALME Salmon Evolution
7.7x41.2%NOK 3.2b

Price-To-Sales vs Peers: SALME is good value based on its Price-To-Sales Ratio (7.7x) compared to the peer average (10.1x).

Price to Sales Ratio vs Industry

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

1 CompanyPrice / SalesEstimated GrowthMarket Cap
BARRA Barramundi Group
0.4xn/aUS$4.54m
No more companies available in this PS range
SALME 7.7xIndustry Avg. 2.5xNo. of Companies4PS01.63.24.86.48+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: SALME is expensive based on its Price-To-Sales Ratio (7.7x) compared to the Norwegian Food industry average (2.5x).

Price to Sales Ratio vs Fair Ratio

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

SALME PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.7x
Fair PS Ratio6.6x

Price-To-Sales vs Fair Ratio: SALME is expensive based on its Price-To-Sales Ratio (7.7x) compared to the estimated Fair Price-To-Sales Ratio (6.6x).

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 SALME forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 6.83
NOK 9.68
+41.8%
7.6%NOK 11.00NOK 8.80n/a6
Nov ’25NOK 6.75
NOK 9.80
+45.2%
6.8%NOK 11.00NOK 9.00n/a5
Oct ’25NOK 6.92
NOK 9.74
+40.8%
7.1%NOK 11.00NOK 9.00n/a5
Sep ’25NOK 6.70
NOK 9.74
+45.4%
7.1%NOK 11.00NOK 9.00n/a5
Aug ’25NOK 7.49
NOK 10.05
+34.2%
6.1%NOK 11.00NOK 9.30n/a4
Jul ’25NOK 7.68
NOK 10.05
+30.9%
6.1%NOK 11.00NOK 9.30n/a4
Jun ’25NOK 8.11
NOK 10.04
+23.8%
5.4%NOK 11.00NOK 9.30n/a5
May ’25NOK 7.28
NOK 9.92
+36.3%
7.4%NOK 11.00NOK 8.70n/a5
Apr ’25NOK 6.38
NOK 9.92
+55.5%
7.4%NOK 11.00NOK 8.70n/a5
Mar ’25NOK 6.33
NOK 9.92
+56.7%
7.4%NOK 11.00NOK 8.70n/a5
Feb ’25NOK 7.22
NOK 9.70
+34.3%
9.0%NOK 11.00NOK 8.50n/a5
Jan ’25NOK 6.78
NOK 10.25
+51.2%
8.1%NOK 11.00NOK 9.00n/a4
Dec ’24NOK 6.19
NOK 10.25
+65.6%
8.1%NOK 11.00NOK 9.00n/a4
Nov ’24NOK 5.98
NOK 10.50
+75.6%
4.8%NOK 11.00NOK 10.00NOK 6.754
Oct ’24NOK 6.21
NOK 10.75
+73.1%
7.7%NOK 12.00NOK 10.00NOK 6.924
Sep ’24NOK 6.20
NOK 10.80
+74.2%
6.9%NOK 12.00NOK 10.00NOK 6.705
Aug ’24NOK 6.87
NOK 11.53
+67.8%
4.6%NOK 12.10NOK 11.00NOK 7.494
Jul ’24NOK 6.36
NOK 11.53
+81.2%
4.6%NOK 12.10NOK 11.00NOK 7.684
Jun ’24NOK 7.09
NOK 11.53
+62.6%
4.6%NOK 12.10NOK 11.00NOK 8.114
May ’24NOK 7.85
NOK 11.67
+48.6%
8.1%NOK 13.00NOK 11.00NOK 7.283
Apr ’24NOK 8.30
NOK 11.94
+43.9%
7.6%NOK 13.00NOK 11.00NOK 6.385
Mar ’24NOK 8.34
NOK 11.90
+42.7%
7.7%NOK 13.00NOK 11.00NOK 6.335
Feb ’24NOK 8.04
NOK 12.00
+49.3%
5.9%NOK 13.00NOK 11.00NOK 7.225
Jan ’24NOK 8.27
NOK 12.00
+45.1%
5.9%NOK 13.00NOK 11.00NOK 6.785
Dec ’23NOK 8.29
NOK 12.00
+44.8%
5.9%NOK 13.00NOK 11.00NOK 6.195
Nov ’23NOK 9.20
NOK 12.04
+30.9%
5.7%NOK 13.00NOK 11.00NOK 5.985

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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