Financials SalMar ASA

Equities

SALM

NO0010310956

Food Processing

Market Closed - Oslo Bors 10:45:00 2024-05-08 am EDT 5-day change 1st Jan Change
668 NOK +0.68% Intraday chart for SalMar ASA +0.15% +17.36%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 50,736 59,058 71,481 55,810 67,355 78,514 - -
Enterprise Value (EV) 1 53,638 63,950 77,024 74,889 80,462 93,153 91,404 90,622
P/E ratio 20.4 x 28.8 x 26.9 x 13.9 x 23.4 x 18.2 x 14.7 x 14.1 x
Yield 4.67% 3.97% 3.29% 5.2% 6.15% 5.21% 5.32% 4.86%
Capitalization / Revenue 4.15 x 4.57 x 4.75 x 2.77 x 2.39 x 2.63 x 2.3 x 2.24 x
EV / Revenue 4.38 x 4.95 x 5.12 x 3.72 x 2.85 x 3.13 x 2.68 x 2.59 x
EV / EBITDA 14.2 x 16.7 x 20.6 x 13.6 x 8.43 x 9.16 x 7.47 x 7.08 x
EV / FCF 31.3 x -111 x 951 x 38.3 x 7.5 x 24.8 x 17.2 x 11 x
FCF Yield 3.19% -0.9% 0.11% 2.61% 13.3% 4.03% 5.82% 9.12%
Price to Book 5.63 x 5.79 x 5.41 x 2.61 x 3.76 x 4.07 x 3.68 x 3.3 x
Nbr of stocks (in thousands) 112,923 117,271 117,568 145,037 118,333 118,333 - -
Reference price 2 449.3 503.6 608.0 384.8 569.2 663.5 663.5 663.5
Announcement Date 2/26/20 2/25/21 2/18/22 2/21/23 2/15/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 12,238 12,912 15,044 20,158 28,219 29,808 34,125 35,026
EBITDA 1 3,786 3,820 3,734 5,502 9,540 10,166 12,235 12,792
EBIT 1 3,068 3,008 2,927 4,465 8,088 8,591 10,619 11,177
Operating Margin 25.07% 23.29% 19.46% 22.15% 28.66% 28.82% 31.12% 31.91%
Earnings before Tax (EBT) 1 3,158 2,572 3,387 4,562 7,279 7,802 9,724 10,245
Net income 1 2,488 1,979 2,668 3,312 3,203 4,797 5,959 6,223
Net margin 20.33% 15.33% 17.73% 16.43% 11.35% 16.09% 17.46% 17.77%
EPS 2 22.03 17.49 22.61 27.64 24.30 36.37 45.16 47.19
Free Cash Flow 1 1,712 -575.7 81 1,957 10,731 3,751 5,320 8,269
FCF margin 13.99% -4.46% 0.54% 9.71% 38.03% 12.58% 15.59% 23.61%
FCF Conversion (EBITDA) 45.22% - 2.17% 35.58% 112.48% 36.9% 43.48% 64.64%
FCF Conversion (Net income) 68.81% - 3.04% 59.1% 335.03% 78.18% 89.28% 132.88%
Dividend per Share 2 21.00 20.00 20.00 20.00 35.00 34.57 35.31 32.27
Announcement Date 2/26/20 2/25/21 2/18/22 2/21/23 2/15/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 4,019 4,673 4,682 4,172 4,898 6,406 6,792 5,895 7,512 8,019 6,259 6,066 8,070 8,490 8,271
EBITDA 1 947 1,105 1,490 1,113 1,550 1,349 2,227 2,088 2,653 2,571 2,053 2,495 2,467 2,992 3,009
EBIT 1 748 890 1,262 883 1,313 1,006 1,884 1,745 2,300 2,158 1,663 2,102 2,069 2,484 2,649
Operating Margin 18.61% 19.05% 26.95% 21.16% 26.81% 15.7% 27.74% 29.6% 30.62% 26.91% 26.56% 34.65% 25.64% 29.26% 32.03%
Earnings before Tax (EBT) 1 912 493 1,388 2,547 850 -222 2,235 1,766 2,304 974 1,469 1,956 1,501 2,190 2,489
Net income 1 711 396 1,081 1,837 669 -164 1,734 -844 995 1,318 997.4 1,297 1,180 1,485 1,448
Net margin 17.69% 8.47% 23.09% 44.03% 13.66% -2.56% 25.53% -14.32% 13.25% 16.44% 15.93% 21.38% 14.62% 17.49% 17.51%
EPS 2 5.870 3.510 9.170 15.58 4.740 -1.300 13.20 -6.400 7.600 10.00 7.471 9.831 8.488 9.772 10.97
Dividend per Share 2 - 20.00 - - - 20.00 - 20.00 - 15.00 - 17.50 - 17.50 -
Announcement Date 11/17/21 2/18/22 5/11/22 8/25/22 11/10/22 2/21/23 5/11/23 8/24/23 11/9/23 2/15/24 - - - - -
1NOK in Million2NOK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,902 4,893 5,543 19,079 13,107 14,639 12,891 12,108
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7665 x 1.281 x 1.484 x 3.468 x 1.374 x 1.44 x 1.054 x 0.9465 x
Free Cash Flow 1 1,712 -576 81 1,957 10,731 3,751 5,320 8,269
ROE (net income / shareholders' equity) 27.6% 22.5% 23.1% 20.3% 16.3% 22.3% 26.2% 25.8%
ROA (Net income/ Total Assets) 15% 10.6% 9.64% 7.31% 5.53% 7.44% 8.71% 9.31%
Assets 1 16,561 18,670 27,670 45,293 57,916 64,462 68,412 66,805
Book Value Per Share 2 79.80 86.90 112.0 147.0 151.0 163.0 180.0 201.0
Cash Flow per Share 2 26.80 28.00 25.10 35.20 68.20 42.60 63.80 68.60
Capex 1 1,317 3,747 2,827 2,455 2,348 1,920 1,672 1,516
Capex / Sales 10.77% 29.02% 18.79% 12.18% 8.32% 6.44% 4.9% 4.33%
Announcement Date 2/26/20 2/25/21 2/18/22 2/21/23 2/15/24 - - -
1NOK in Million2NOK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
663.5 NOK
Average target price
712 NOK
Spread / Average Target
+7.31%
Consensus
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