Financials Bakkafrost

Equities

BAKKA

FO0000000179

Fishing & Farming

Market Closed - Oslo Bors 10:45:00 2024-04-26 am EDT 5-day change 1st Jan Change
662 NOK -0.75% Intraday chart for Bakkafrost +3.04% +24.44%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 29,078 25,619 25,553 25,768 20,889 24,772 - -
Enterprise Value (EV) 1 30,430 27,372 27,678 28,432 24,422 28,756 29,063 28,620
P/E ratio 31.7 x 55.4 x 26.5 x 19.2 x 21.8 x 18.4 x 15 x 15.4 x
Yield 1.69% 0.84% 1.19% 2.29% 2.47% 2.44% 2.73% 3.26%
Capitalization / Revenue 6.45 x 5.46 x 4.6 x 3.61 x 2.93 x 2.93 x 2.59 x 2.24 x
EV / Revenue 6.75 x 5.83 x 4.98 x 3.99 x 3.42 x 3.4 x 3.04 x 2.59 x
EV / EBITDA 18.6 x 25.6 x 20.5 x 12.7 x 11.2 x 10.4 x 9.04 x 8.33 x
EV / FCF -8.54 x -80 x 2,248 x -539 x -1,156 x 147 x 88.1 x 37.3 x
FCF Yield -11.7% -1.25% 0.04% -0.19% -0.09% 0.68% 1.14% 2.68%
Price to Book 2.99 x 2.94 x 2.74 x 2.48 x 1.92 x 2.12 x 1.97 x 1.78 x
Nbr of stocks (in thousands) 59,142 59,043 59,074 59,075 59,206 59,176 - -
Reference price 2 491.7 433.9 432.6 436.2 352.8 418.6 418.6 418.6
Announcement Date 2/25/20 2/22/21 2/22/22 2/21/23 2/20/24 - - -
1DKK in Million2DKK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,511 4,696 5,554 7,130 7,141 8,449 9,564 11,059
EBITDA 1 1,635 1,068 1,352 2,243 2,181 2,754 3,214 3,438
EBIT 1 1,325 621.2 821.2 1,705 1,544 2,060 2,472 2,650
Operating Margin 29.38% 13.23% 14.79% 23.92% 21.62% 24.38% 25.85% 23.96%
Earnings before Tax (EBT) 1 981.9 626 1,138 1,690 1,148 1,704 2,081 2,230
Net income 1 801.9 462.8 964.1 1,345 955.6 1,357 1,661 1,739
Net margin 17.78% 9.86% 17.36% 18.87% 13.38% 16.06% 17.37% 15.72%
EPS 2 15.53 7.830 16.32 22.75 16.15 22.79 27.94 27.24
Free Cash Flow 1 -3,565 -342.2 12.32 -52.74 -21.12 196 330 767
FCF margin -79.02% -7.29% 0.22% -0.74% -0.3% 2.32% 3.45% 6.94%
FCF Conversion (EBITDA) - - 0.91% - - 7.12% 10.27% 22.31%
FCF Conversion (Net income) - - 1.28% - - 14.45% 19.86% 44.11%
Dividend per Share 2 8.310 3.650 5.140 10.00 8.700 10.21 11.45 13.63
Announcement Date 2/25/20 2/22/21 2/22/22 2/21/23 2/20/24 - - -
1DKK in Million2DKK
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 1,272 1,488 1,639 1,684 1,867 1,940 2,050 1,670 1,859 1,562 2,152 2,698 1,780 1,887 2,914
EBITDA 1 193.5 270.2 554.1 723.7 461.1 503.8 713.7 507.6 424.1 535.6 798.9 932.3 476.2 558.8 901
EBIT 1 70.54 119.7 417.9 586.6 324.7 376 565.3 353.3 269 356.2 636.5 782.9 296.1 377.8 717
Operating Margin 5.54% 8.04% 25.49% 34.84% 17.39% 19.38% 27.58% 21.16% 14.47% 22.81% 29.58% 29.02% 16.63% 20.02% 24.61%
Earnings before Tax (EBT) 1 158.1 -43.71 491.8 1,057 282.3 -140.7 586.4 -153 235.9 479.1 479.5 580.4 183.9 301.1 580.3
Net income 1 131.3 -3.108 404.7 846.1 249.4 -155.1 467.5 -123 219 393.6 389 515.9 192.8 276.1 474.9
Net margin 10.32% -0.21% 24.69% 50.25% 13.36% -7.99% 22.8% -7.36% 11.78% 25.2% 18.08% 19.12% 10.83% 14.63% 16.3%
EPS 2 2.220 -0.0500 6.850 14.29 4.210 -2.610 7.900 -2.070 3.700 6.620 6.581 8.726 3.258 4.662 8.037
Dividend per Share 2 - 5.140 - 5.140 - 4.860 - - - - - 8.700 - - -
Announcement Date 11/9/21 2/22/22 5/10/22 8/23/22 11/8/22 2/21/23 5/9/23 8/22/23 11/7/23 2/20/24 - - - - -
1DKK in Million2DKK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,352 1,753 2,126 2,664 3,533 3,984 4,290 3,848
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.827 x 1.642 x 1.573 x 1.188 x 1.62 x 1.447 x 1.335 x 1.119 x
Free Cash Flow 1 -3,565 -342 12.3 -52.7 -21.1 196 330 767
ROE (net income / shareholders' equity) 15.6% 5.43% 10.7% 13.6% 8.99% 11.9% 13.4% 12.2%
ROA (Net income/ Total Assets) 10.4% 3.52% 6.93% 7.13% - 6.9% 7.2% 8%
Assets 1 7,713 13,155 13,919 18,860 - 19,664 23,076 21,735
Book Value Per Share 2 165.0 148.0 158.0 176.0 184.0 197.0 212.0 235.0
Cash Flow per Share 2 20.10 8.020 19.00 20.30 17.30 32.10 37.50 51.30
Capex 1 702 836 1,115 1,236 1,060 1,541 1,613 1,202
Capex / Sales 15.57% 17.81% 20.08% 17.33% 14.84% 18.23% 16.87% 10.87%
Announcement Date 2/25/20 2/22/21 2/22/22 2/21/23 2/20/24 - - -
1DKK in Million2DKK
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
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
418.6 DKK
Average target price
434.6 DKK
Spread / Average Target
+3.82%
Consensus