Financials Orkla ASA

Equities

ORK

NO0003733800

Food Processing

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-04-26 am EDT			5-day change	1st Jan Change
74.5 ^NOK	+1.15%		+3.62%	-5.50%

Apr. 18	Orkla ASA Approves Extraordinary Dividend	CI
Apr. 18	Orkla ASA Approves Bengt Arve Rem as Board Member	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,987	87,081	88,000	70,737	78,651	74,326	-	-
Enterprise Value (EV) ¹	95,904	93,891	101,207	88,337	98,434	91,831	91,414	90,425
P/E ratio	23.2 x	19.9 x	18.3 x	14.1 x	15.1 x	12.9 x	12 x	11.3 x
Yield	2.92%	3.16%	3.4%	4.23%	3.81%	4.34%	4.52%	4.75%
Capitalization / Revenue	2.04 x	1.85 x	1.74 x	1.21 x	1.16 x	1.07 x	1.04 x	1.02 x
EV / Revenue	2.2 x	1.99 x	2.01 x	1.51 x	1.45 x	1.32 x	1.28 x	1.24 x
EV / EBITDA	14 x	12.6 x	12.3 x	9.14 x	10.3 x	9.32 x	8.85 x	8.54 x
EV / FCF	26.3 x	23.5 x	27 x	36 x	22.7 x	18.9 x	20.8 x	19.3 x
FCF Yield	3.81%	4.25%	3.7%	2.78%	4.4%	5.3%	4.8%	5.19%
Price to Book	2.58 x	2.34 x	2.29 x	1.7 x	1.74 x	1.59 x	1.49 x	1.37 x
Nbr of stocks (in thousands)	1,000,306	1,000,929	995,929	997,144	997,605	997,667	-	-
Reference price ²	88.96	87.00	88.36	70.94	78.84	74.50	74.50	74.50
Announcement Date	2/6/20	2/11/21	2/10/22	2/14/23	2/8/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	43,615	47,137	50,441	58,391	67,797	69,451	71,297	73,099
EBITDA ¹	6,831	7,436	8,232	9,668	9,578	9,851	10,325	10,585
EBIT ¹	4,527	4,562	5,730	6,897	6,234	7,047	7,536	7,738
Operating Margin	10.38%	9.68%	11.36%	11.81%	9.2%	10.15%	10.57%	10.59%
Earnings before Tax (EBT) ¹	4,931	5,348	6,366	7,345	6,966	7,829	8,438	8,835
Net income ¹	3,838	4,371	4,808	5,019	5,196	5,754	6,213	6,578
Net margin	8.8%	9.27%	9.53%	8.6%	7.66%	8.28%	8.71%	9%
EPS ²	3.840	4.370	4.820	5.040	5.210	5.766	6.228	6.593
Free Cash Flow ¹	3,653	3,991	3,747	2,453	4,328	4,864	4,386	4,689
FCF margin	8.38%	8.47%	7.43%	4.2%	6.38%	7%	6.15%	6.41%
FCF Conversion (EBITDA)	53.48%	53.67%	45.52%	25.37%	45.19%	49.37%	42.48%	44.3%
FCF Conversion (Net income)	95.18%	91.31%	77.93%	48.87%	83.29%	84.53%	70.59%	71.29%
Dividend per Share ²	2.600	2.750	3.000	3.000	3.000	3.230	3.364	3.538
Announcement Date	2/6/20	2/11/21	2/10/22	2/14/23	2/8/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	22,897	24,531	23,275	13,139	14,027	27,166	13,271	14,300	27,562	14,752	16,077	30,829	15,755	17,087	33,275	16,783	17,739	34,522	17,069	17,294	34,291	17,156	18,114	34,970	17,445
EBITDA ¹	3,854	3,312	3,272	2,255	2,444	4,699	2,063	2,295	4,358	2,734	2,536	5,310	2,222	2,427	4,649	2,558	2,371	4,929	2,473	2,453	4,761	2,616	2,387	5,019	2,608
EBIT ¹	2,556	2,555	2,301	1,646	1,783	3,429	1,370	1,703	3,073	2,122	1,702	3,824	1,554	1,584	3,138	1,830	1,266	3,096	1,680	1,744	-	1,899	1,736	3,654	1,839
Operating Margin	11.16%	10.42%	9.89%	12.53%	12.71%	12.62%	10.32%	11.91%	11.15%	14.38%	10.59%	12.4%	9.86%	9.27%	9.43%	10.9%	7.14%	8.97%	9.84%	10.09%	-	11.07%	9.58%	10.45%	10.54%
Earnings before Tax (EBT) ¹	2,763	-	-	1,747	1,841	-	1,544	1,854	-	2,245	1,702	-	1,736	1,842	-	2,048	1,340	-	1,870	1,992	-	2,152	1,905	-	2,091
Net income ¹	2,198	-	-	1,337	1,314	-	1,082	1,277	-	1,560	1,220	-	1,276	1,372	-	1,551	997	-	1,413	1,452	-	1,586	1,375	-	1,546
Net margin	9.6%	-	-	10.18%	9.37%	-	8.15%	8.93%	-	10.57%	7.59%	-	8.1%	8.03%	-	9.24%	5.62%	-	8.28%	8.4%	-	9.24%	7.59%	-	8.86%
EPS ²	2.560	-	-	1.310	1.320	-	1.090	1.280	-	1.500	1.160	-	1.280	1.380	-	1.560	1.000	-	1.415	1.454	-	1.587	1.379	-	1.549
Dividend per Share ²	-	-	-	-	3.000	-	-	-	-	-	3.000	-	-	-	-	-	3.000	-	0.8427	0.8427	-	0.8427	0.8427	-	0.8848
Announcement Date	2/6/20	2/11/21	7/15/21	10/29/21	2/10/22	2/10/22	5/5/22	7/14/22	7/14/22	10/27/22	2/14/23	2/14/23	5/8/23	7/14/23	7/14/23	10/26/23	2/8/24	2/8/24	-	-	-	-	-	-	-

¹NOK in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,917	6,810	13,207	17,600	19,783	17,504	17,088	16,099
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.013 x	0.9158 x	1.604 x	1.82 x	2.065 x	1.777 x	1.655 x	1.521 x
Free Cash Flow ¹	3,653	3,991	3,747	2,453	4,328	4,864	4,386	4,689
ROE (net income / shareholders' equity)	11.3%	12.2%	13.6%	13.6%	13.3%	12.5%	12.9%	12.6%
ROA (Net income/ Total Assets)	6.9%	7.26%	7.72%	7.2%	6.9%	6.71%	7.27%	7.55%
Assets ¹	55,602	60,210	62,266	69,689	75,325	85,763	85,523	87,174
Book Value Per Share ²	34.40	37.20	38.60	41.80	45.40	46.80	50.00	54.20
Cash Flow per Share	6.120	6.590	-	-	-	-	-	-
Capex ¹	2,468	2,607	2,606	2,777	2,921	2,977	3,026	2,989
Capex / Sales	5.66%	5.53%	5.17%	4.76%	4.31%	4.29%	4.24%	4.09%
Announcement Date	2/6/20	2/11/21	2/10/22	2/14/23	2/8/24	-	-	-

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

Ratings for Orkla ASA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

74.5 NOK

Average target price

81.71 NOK

Spread / Average Target

+9.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Frozen Food Manufacturing

	1st Jan change	Capi.
ORKLA ASA	-5.50%	6.73B
NOMAD FOODS LIMITED	+10.27%	3.04B
SANQUAN FOOD CO., LTD.	-9.70%	1.47B
LOTTE WELLFOOD CO.,LTD	+8.56%	863M
ZHENGZHOU QIANWEIYANGCHU FOOD CO., LTD.	-33.36%	482M
FROSTA AG	+4.17%	473M
BINGGRAE CO., LTD.	+27.06%	446M
CUISINE SOLUTIONS, INC.	+8.76%	426M
SENECA FOODS CORPORATION	+10.39%	414M
VADILAL INDUSTRIES LIMITED	+77.13%	386M

Frozen Food Manufacturing