Stock SALM SALMAR ASA
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Financials SalMar ASA

Equities

SALM

NO0010310956

Food Processing

Market Closed - Oslo Bors
Other stock markets
 10:45:00 2024-06-06 am EDT 		5-day change 1st Jan Change
626.5 NOK +1.13% Intraday chart for SalMar ASA -0.40% +10.07%
May. 14 Transcript : SalMar ASA, Q1 2024 Earnings Call, May 14, 2024
May. 14 Transcript : SalMar ASA, Q1 2024 Earnings Call, May 14, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 50,736 59,058 71,481 55,810 67,355 81,625 - -
Enterprise Value (EV) 1 53,638 63,950 77,024 74,889 80,462 96,464 95,884 95,033
P/E ratio 20.4 x 28.8 x 26.9 x 13.9 x 23.4 x 18.1 x 13.8 x 13 x
Yield 4.67% 3.97% 3.29% 5.2% 6.15% 5.31% 5.4% 5.35%
Capitalization / Revenue 4.15 x 4.57 x 4.75 x 2.77 x 2.39 x 2.71 x 2.38 x 2.3 x
EV / Revenue 4.38 x 4.95 x 5.12 x 3.72 x 2.85 x 3.2 x 2.8 x 2.68 x
EV / EBITDA 14.2 x 16.7 x 20.6 x 13.6 x 8.43 x 9.9 x 7.92 x 7.41 x
EV / FCF 31.3 x -111 x 951 x 38.3 x 7.5 x 25 x 18.6 x 15.4 x
FCF Yield 3.19% -0.9% 0.11% 2.61% 13.3% 4.01% 5.38% 6.5%
Price to Book 5.63 x 5.79 x 5.41 x 2.61 x 3.76 x 3.92 x 3.59 x 3.22 x
Nbr of stocks (in thousands) 112,923 117,271 117,568 145,037 118,333 131,760 - -
Reference price 2 449.3 503.6 608.0 384.8 569.2 619.5 619.5 619.5
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 30,101 34,294 35,465
EBITDA 1 3,786 3,820 3,734 5,502 9,540 9,748 12,107 12,821
EBIT 1 3,068 3,008 2,927 4,465 8,088 7,971 10,648 11,286
Operating Margin 25.07% 23.29% 19.46% 22.15% 28.66% 26.48% 31.05% 31.82%
Earnings before Tax (EBT) 1 3,158 2,572 3,387 4,562 7,279 7,083 9,572 10,234
Net income 1 2,488 1,979 2,668 3,312 3,203 4,515 5,919 6,279
Net margin 20.33% 15.33% 17.73% 16.43% 11.35% 15% 17.26% 17.7%
EPS 2 22.03 17.49 22.61 27.64 24.30 34.21 44.85 47.60
Free Cash Flow 1 1,712 -575.7 81 1,957 10,731 3,865 5,161 6,177
FCF margin 13.99% -4.46% 0.54% 9.71% 38.03% 12.84% 15.05% 17.42%
FCF Conversion (EBITDA) 45.22% - 2.17% 35.58% 112.48% 39.65% 42.63% 48.18%
FCF Conversion (Net income) 68.81% - 3.04% 59.1% 335.03% 85.62% 87.19% 98.38%
Dividend per Share 2 21.00 20.00 20.00 20.00 35.00 32.88 33.46 33.13
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 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 2025 Q2
Net sales 1 4,673 4,682 4,172 4,898 6,406 6,792 5,895 7,512 8,019 6,555 6,035 8,560 8,862 7,312 8,445
EBITDA 1 1,105 1,490 1,113 1,550 1,349 2,227 2,088 2,653 2,571 1,919 2,211 2,434 2,856 2,972 3,384
EBIT 1 890 1,262 883 1,313 1,006 1,884 1,745 2,300 2,158 1,512 1,688 2,147 2,442 2,559 2,970
Operating Margin 19.05% 26.95% 21.16% 26.81% 15.7% 27.74% 29.6% 30.62% 26.91% 23.07% 27.97% 25.08% 27.56% 35% 35.16%
Earnings before Tax (EBT) 1 493 1,388 2,547 850 -222 2,235 1,766 2,304 974 971 1,634 1,535 2,127 2,685 2,830
Net income 1 396 1,081 1,837 669 -164 1,734 -844 995 1,318 821 1,037 1,090 1,711 1,665 1,771
Net margin 8.47% 23.09% 44.03% 13.66% -2.56% 25.53% -14.32% 13.25% 16.44% 12.52% 17.19% 12.73% 19.31% 22.78% 20.97%
EPS 2 3.510 9.170 15.58 4.740 -1.300 13.20 -6.400 7.600 10.00 6.200 7.607 8.256 12.95 12.62 13.41
Dividend per Share 2 20.00 - - - 20.00 - 20.00 - 15.00 - 11.67 - 21.67 - 16.80
Announcement Date 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 5/14/24 - - - - -
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 14,839 14,259 13,408
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7665 x 1.281 x 1.484 x 3.468 x 1.374 x 1.522 x 1.178 x 1.046 x
Free Cash Flow 1 1,712 -576 81 1,957 10,731 3,865 5,161 6,177
ROE (net income / shareholders' equity) 27.6% 22.5% 23.1% 20.3% 16.3% 20.5% 26.5% 26.7%
ROA (Net income/ Total Assets) 15% 10.6% 9.64% 7.31% 5.53% 7.31% 9.18% 9.67%
Assets 1 16,561 18,670 27,670 45,293 57,916 61,743 64,500 64,913
Book Value Per Share 2 79.80 86.90 112.0 147.0 151.0 158.0 173.0 192.0
Cash Flow per Share 2 26.80 28.00 25.10 35.20 68.20 42.90 57.40 62.90
Capex 1 1,317 3,747 2,827 2,455 2,348 1,686 1,710 1,652
Capex / Sales 10.77% 29.02% 18.79% 12.18% 8.32% 5.6% 4.99% 4.66%
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

Ratings for SalMar ASA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
619.5 NOK
Average target price
698.9 NOK
Spread / Average Target
+12.81%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Seafood Product Preparation & Packaging

1st Jan change Capi.
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Seafood Product Preparation & Packaging
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  4. Financials SalMar ASA