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SalMar

OTCPK:SALR.F
Snowflake Description

Outstanding track record with flawless balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SALR.F
OTCPK
NOK50B
Market Cap
  1. Home
  2. US
  3. Food, Beverage & Tobacco
Company description

SalMar ASA, an aquaculture company, produces and sells farmed salmon in Asia, the United States, Canada, Norway, rest of Europe, and internationally. The last earnings update was 55 days ago. More info.


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SALR.F Share Price and Events
7 Day Returns
0%
OTCPK:SALR.F
-1.2%
US Food
0.8%
US Market
1 Year Returns
5.8%
OTCPK:SALR.F
-1.1%
US Food
4.8%
US Market
SALR.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SalMar (SALR.F) 0% 11.9% 1% 5.8% - -
US Food -1.2% -0.4% 2.1% -1.1% -16.8% 20.8%
US Market 0.8% 4.3% 2.8% 4.8% 37.9% 43.5%
1 Year Return vs Industry and Market
  • SALR.F outperformed the Food industry which returned -1.1% over the past year.
  • SALR.F outperformed the Market in United States of America which returned 4.8% over the past year.
Price Volatility
SALR.F
Industry
5yr Volatility vs Market

Value

 Is SalMar 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 SalMar 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 SalMar.

OTCPK:SALR.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:SALR.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
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))
= 0.565 (1 + (1- 23%) (4.02%))
0.72
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)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for OTCPK:SALR.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for SalMar 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.

OTCPK:SALR.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 7.5%)
2020 2,684.17 Analyst x6 2,496.95
2021 3,207.67 Analyst x6 2,775.80
2022 2,926.00 Analyst x1 2,355.45
2023 3,001.00 Analyst x1 2,247.32
2024 3,073.16 Est @ 2.4% 2,140.84
2025 3,150.06 Est @ 2.5% 2,041.34
2026 3,231.03 Est @ 2.57% 1,947.77
2027 3,315.63 Est @ 2.62% 1,859.36
2028 3,403.56 Est @ 2.65% 1,775.54
2029 3,494.61 Est @ 2.68% 1,695.88
Present value of next 10 years cash flows NOK21,336.24
OTCPK:SALR.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NOK3,494.61 × (1 + 2.73%) ÷ (7.5% – 2.73%)
NOK75,294.00
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK75,294.00 ÷ (1 + 7.5%)10
NOK36,538.99
OTCPK:SALR.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK21,336.24 + NOK36,538.99
NOK57,875.23
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK57,875.23 / 112.74
NOK513.36
OTCPK:SALR.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:SALR.F represents 0.10702x of OB:SALM
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.10702x
Value per Share
(Listing Adjusted, USD)
= Value per Share (NOK) x Listing Adjustment Factor
= NOK 513.36 x 0.10702
$54.94
Value per share (USD) From above. $54.94
Current discount Discount to share price of $47.55
= -1 x ($47.55 - $54.94) / $54.94
13.5%

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

Current Discount
Amount off the current price SalMar is available for.
Intrinsic value
13%
Share price is $47.55 vs Future cash flow value of $54.94
Current Discount Checks
For SalMar to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • SalMar's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • SalMar's share price is below the future cash flow value, but not 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 SalMar's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SalMar's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:SALR.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in NOK NOK31.74
OB:SALM Share Price ** OB (2019-07-03) in NOK NOK444.3
United States of America Food Industry PE Ratio Median Figure of 42 Publicly-Listed Food Companies 25.34x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 18.01x

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

** Primary Listing of SalMar.

OTCPK:SALR.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 444.3 ÷ 31.74

14x

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

  • SalMar is good value based on earnings compared to the US Food industry average.
  • SalMar is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does SalMar's expected growth come at a high price?
Raw Data
OTCPK:SALR.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
8.5%per year
United States of America Food Industry PEG Ratio Median Figure of 31 Publicly-Listed Food Companies 1.58x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

OTCPK:SALR.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14x ÷ 8.5%

1.64x

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

  • SalMar is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SalMar's assets?
Raw Data
OTCPK:SALR.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in NOK NOK86.63
OB:SALM Share Price * OB (2019-07-03) in NOK NOK444.3
United States of America Food Industry PB Ratio Median Figure of 68 Publicly-Listed Food Companies 2.03x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
OTCPK:SALR.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 444.3 ÷ 86.63

5.13x

* Primary Listing of SalMar.

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

  • SalMar is overvalued based on assets compared to the US Food industry average.
X
Value checks
We assess SalMar'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. SalMar has a total score of 2/6, 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 SalMar expected to perform in the next 1 to 3 years based on estimates from 7 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
8.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SalMar expected to grow at an attractive rate?
  • SalMar's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • SalMar's earnings growth is positive but not above the United States of America market average.
  • SalMar's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:SALR.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:SALR.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 8.5%
OTCPK:SALR.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 5.3%
United States of America Food Industry Earnings Growth Rate Market Cap Weighted Average 20.3%
United States of America Food Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*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
OTCPK:SALR.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:SALR.F Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 14,964 1
2022-12-31 14,764 4,403 2
2021-12-31 13,204 4,010 3,773 7
2020-12-31 12,466 3,730 3,428 7
2019-12-31 12,266 3,671 3,061 5
OTCPK:SALR.F Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-03-31 11,755 2,949 3,574
2018-12-31 11,322 2,782 3,568
2018-09-30 11,012 3,345 2,700
2018-06-30 10,922 2,961 2,759
2018-03-31 10,900 3,273 2,553
2017-12-31 10,799 3,374 2,274
2017-09-30 10,486 2,607 2,970
2017-06-30 10,072 2,574 2,631
2017-03-31 9,430 2,457 2,482
2016-12-31 9,003 2,725 2,637
2016-09-30 8,566 3,382 2,020
2016-06-30 8,181 2,616 1,705

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SalMar's earnings are expected to grow by 8.5% yearly, however this is not considered high growth (20% yearly).
  • SalMar's revenue is expected to grow by 5.3% 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
OTCPK:SALR.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from SalMar Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:SALR.F Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 38.86 38.86 38.86 1.00
2021-12-31 33.39 36.86 28.73 7.00
2020-12-31 30.33 34.71 25.30 7.00
2019-12-31 27.09 28.81 24.61 6.00
OTCPK:SALR.F Past Financials Data
Date (Data in NOK Millions) EPS *
2019-03-31 31.74
2018-12-31 31.70
2018-09-30 24.00
2018-06-30 24.53
2018-03-31 22.73
2017-12-31 20.24
2017-09-30 26.44
2017-06-30 23.45
2017-03-31 22.11
2016-12-31 23.51
2016-09-30 18.18
2016-06-30 15.30

*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.
  • SalMar is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess SalMar'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
SalMar has a total score of 2/6, 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 SalMar 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 SalMar'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.
  • SalMar has delivered over 20% year on year earnings growth in the past 5 years.
  • SalMar's 1-year earnings growth exceeds its 5-year average (40% vs 21.9%)
  • SalMar's earnings growth has exceeded the US Food industry average in the past year (40% vs -17.8%).
Earnings and Revenue History
SalMar'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 SalMar Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:SALR.F Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 11,754.59 3,573.91 1,093.85
2018-12-31 11,322.19 3,568.41 1,047.55
2018-09-30 11,011.90 2,699.98 1,010.05
2018-06-30 10,922.00 2,759.18 972.85
2018-03-31 10,899.63 2,553.28 938.80
2017-12-31 10,798.73 2,273.98 929.10
2017-09-30 10,486.35 2,969.88 926.43
2017-06-30 10,071.75 2,631.48 925.03
2017-03-31 9,430.05 2,481.58 898.23
2016-12-31 9,003.25 2,637.08 861.53
2016-09-30 8,566.01 2,020.29 823.78
2016-06-30 8,180.71 1,704.59 802.88
2016-03-31 7,691.81 1,474.19 781.68
2015-12-31 7,303.51 1,103.29 765.88
2015-09-30 7,288.71 1,014.40 759.13
2015-06-30 7,218.11 1,136.90 719.43
2015-03-31 7,163.71 1,188.90 719.13
2014-12-31 7,174.91 1,192.50 710.43
2014-09-30 7,018.26 1,517.24 704.21
2014-06-30 6,907.56 1,332.44 712.51
2014-03-31 6,595.36 1,781.54 663.01
2013-12-31 6,245.86 1,790.04 624.81
2013-09-30 5,729.99 1,435.67 581.02
2013-06-30 5,261.79 1,196.67 538.02
2013-03-31 4,672.19 603.37 509.52
2012-12-31 4,204.79 467.37 483.22
2012-09-30 3,949.50 233.06 460.55

*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.
  • SalMar has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • SalMar used its assets more efficiently than the US Food industry average last year based on Return on Assets.
  • SalMar has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess SalMar'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.
SalMar has a total score of 6/6, 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 SalMar'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 SalMar's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SalMar is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • SalMar's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of SalMar'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 5.2x 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 SalMar Company Filings, last reported 3 months ago.

OTCPK:SALR.F Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 10,522.90 1,336.70 142.30
2018-12-31 9,139.84 1,423.51 244.68
2018-09-30 7,919.70 1,486.20 489.40
2018-06-30 6,976.50 2,673.10 157.10
2018-03-31 8,376.40 1,224.40 489.10
2017-12-31 7,668.13 1,066.13 177.10
2017-09-30 7,333.80 1,808.60 193.60
2017-06-30 6,364.40 2,536.40 224.20
2017-03-31 7,132.10 2,046.50 218.40
2016-12-31 6,680.83 2,256.46 296.05
2016-09-30 5,644.60 2,370.90 419.80
2016-06-30 5,047.50 2,809.20 198.90
2016-03-31 5,789.50 2,139.60 210.00
2015-12-31 5,227.04 2,511.76 273.70
2015-09-30 4,829.20 2,786.00 96.30
2015-06-30 4,468.80 2,841.10 109.00
2015-03-31 5,376.50 1,843.60 86.10
2014-12-31 5,137.28 2,056.84 166.96
2014-09-30 4,781.50 2,839.20 199.70
2014-06-30 4,658.40 2,665.80 368.20
2014-03-31 5,295.00 2,593.50 1,086.70
2013-12-31 5,060.78 2,371.71 1,071.00
2013-09-30 4,386.50 2,755.40 345.80
2013-06-30 4,091.00 2,519.30 388.00
2013-03-31 3,135.90 2,694.10 63.00
2012-12-31 2,967.71 2,694.53 55.34
2012-09-30 2,708.30 2,665.80 46.90
  • SalMar's level of debt (12.7%) 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 (49.1% vs 12.7% today).
  • Debt is well covered by operating cash flow (220.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 35x coverage).
X
Financial health checks
We assess SalMar'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. SalMar 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 SalMar'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
5.18%
Current annual income from SalMar dividends. Estimated to be 5.41% next year.
If you bought $2,000 of SalMar shares you are expected to receive $104 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?
  • SalMar's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.41%).
  • SalMar's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
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
OTCPK:SALR.F 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 7 Analyst Estimates (S&P Global) See Below
United States of America Food Industry Average Dividend Yield Market Cap Weighted Average of 30 Stocks 2.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2018 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

OTCPK:SALR.F Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 28.00 1.00
2021-12-31 24.86 7.00
2020-12-31 24.00 7.00
2019-12-31 22.71 7.00
OTCPK:SALR.F Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-04-10 23.000 5.832
2018-04-17 19.000 4.630
2017-04-20 12.000 5.118
2016-06-07 10.000 4.199
2015-04-30 10.000 6.801
2015-02-26 10.000 8.270
2014-04-30 8.000 7.167
2014-02-27 8.000 9.931
2012-11-07 0.000 0.000
2012-08-15 0.000 0.000
2012-05-25 0.000 0.000
2012-04-30 0.000 0.000
2012-02-29 0.000 0.000
2011-11-09 0.000 0.000
2011-04-29 4.000 9.292
2010-04-30 2.200 3.900
2010-02-24 2.200 4.295
2009-03-02 0.400 0.946
2009-02-25 0.400 1.290

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of SalMar's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess SalMar's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 SalMar afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SalMar 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 SalMar'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
Olav-Andreas Ervik
COMPENSATION NOK6,155,000
AGE 43
TENURE AS CEO 1.3 years
CEO Bio

Mr. Olav-Andreas Ervik has been Chief Executive Officer of SalMar ASA since April 10, 2018 and has been its President since April 2018. Mr. Ervik served as Director of Farming at SalMar ASA from August 2014 to April 10, 2018. He served as General Manager in SalMar Farming AS. Mr. Ervik has held various positions in companies within the salmon farming industry, including Lerøy Midnor, Scottish SeaFarms and Lerøy Hydrotech. He has more than 20 years of experience from the aquaculture industry, and has worked in SalMar since 2012. He started his career in the industry as a keeper, providing him with practical fish farming experience.

CEO Compensation
  • Olav-Andreas's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Olav-Andreas's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

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

1.6
Average Tenure
51.5
Average Age
  • The average tenure for the SalMar management team is less than 2 years, this suggests a new team.
Management Team

Olav-Andreas Ervik

TITLE
President & CEO
COMPENSATION
NOK6M
AGE
43
TENURE
1.3 yrs

Gustav Witzøe

TITLE
Co-Founder & Director of Strategic Projects
COMPENSATION
NOK1M
AGE
66
TENURE
28.5 yrs

Frode Arntsen

TITLE
Director of Processing & Sales
COMPENSATION
NOK3M
AGE
49
TENURE
1.6 yrs

Roger Bekken

TITLE
Chief Operating Officer of Farming
COMPENSATION
NOK4M
AGE
52
TENURE
1.1 yrs

Trine Romuld

TITLE
COO & CFO
AGE
51

Tonette Bjørgård

TITLE
Head of Accounting

Runar Sivertsen

TITLE
Head of Investor Relations

Karl Aag

TITLE
Manager of Freshwater
COMPENSATION
NOK4M
AGE
60
TENURE
24.5 yrs
Board of Directors Tenure

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

2.1
Average Tenure
64
Average Age
  • The average tenure for the SalMar board of directors is less than 3 years, this suggests a new board.
Board of Directors

Atle Eide

TITLE
Chairman of the Board
COMPENSATION
NOK400K
AGE
62
TENURE
2.1 yrs

Kjell Storeide

TITLE
Deputy Chair
COMPENSATION
NOK285K
AGE
67

Gustav Witzøe

TITLE
Co-Founder & Director of Strategic Projects
COMPENSATION
NOK1M
AGE
66
TENURE
1.1 yrs

Helge Moen

TITLE
Director
COMPENSATION
NOK263K
TENURE
2.1 yrs

Margrethe Hauge

TITLE
Director
COMPENSATION
NOK215K
AGE
48
TENURE
2.1 yrs

Brit Soleng

TITLE
Employee Representative Director
COMPENSATION
NOK108K
TENURE
2.1 yrs

Trine Danielsen

TITLE
Director
COMPENSATION
NOK108K
TENURE
1.1 yrs

Jon Rosvoll

TITLE
Employee Representative Director
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by SalMar individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
23. May 19 Buy Roger Bekken Individual 23. May 19 23. May 19 6,000 $45.40 $272,385
16. Nov 18 Sell Geir Berg Individual 16. Nov 18 16. Nov 18 -764 $59.16 $-45,196
15. Nov 18 Sell Tonette Bjørgård Individual 15. Nov 18 15. Nov 18 -1,413 $60.12 $-84,948
12. Nov 18 Sell Frode Arntsen Individual 12. Nov 18 12. Nov 18 -660 $58.08 $-38,330
12. Nov 18 Sell Geir Berg Individual 12. Nov 18 12. Nov 18 -684 $58.08 $-39,724
12. Nov 18 Sell Runar Sivertsen Individual 12. Nov 18 12. Nov 18 -633 $58.08 $-36,762
12. Nov 18 Sell Tonette Bjørgård Individual 12. Nov 18 12. Nov 18 -1,180 $58.08 $-68,530
12. Nov 18 Sell Olav-Andreas Ervik Individual 12. Nov 18 12. Nov 18 -2,440 $58.08 $-141,705
12. Nov 18 Sell Trond Tuvstein Individual 12. Nov 18 12. Nov 18 -2,229 $58.08 $-129,451
12. Nov 18 Sell Ulrik Steinvik Individual 12. Nov 18 12. Nov 18 -1,841 $58.08 $-106,918
X
Management checks
We assess SalMar'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. SalMar 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

Company Info

Description

SalMar ASA, an aquaculture company, produces and sells farmed salmon in Asia, the United States, Canada, Norway, rest of Europe, and internationally. It is involved in the broodfish and smolt production; and marine-phase farming, harvesting, processing, and sale of farmed salmon and white fish. The company sells its products to importers/exporters, processing companies, and retail chains through in-house sales force and/or through partners. The company was founded in 1991 and is headquartered in Kverva, Norway. SalMar ASA is a subsidiary of Kverva Industrier AS.

Details
Name: SalMar ASA
SALR.F
Exchange: OTCPK
Founded: 1991
NOK5,860,192,398
112,738,996
Website: http://www.salmar.no
Address: SalMar ASA
Industriveien 51,
Kverva,
Sør-Trøndelag, 7266,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB SALM Ordinary Shares Oslo Bors NO NOK 08. May 2007
OTCPK SALR.F Ordinary Shares Pink Sheets LLC US USD 08. May 2007
DB JEP Ordinary Shares Deutsche Boerse AG DE EUR 08. May 2007
LSE 0FWY Ordinary Shares London Stock Exchange GB NOK 08. May 2007
BATS-CHIXE SALMo Ordinary Shares BATS 'Chi-X Europe' GB NOK 08. May 2007
OTCPK SALR.Y UNSPONSRED ADS Pink Sheets LLC US USD 12. Dec 2018
Number of employees
Current staff
Staff numbers
1,201
SalMar employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 01:00
End of day share price update: 2019/07/03 00:00
Last estimates confirmation: 2019/07/04
Last earnings filing: 2019/05/22
Last earnings reported: 2019/03/31
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.