Financials Orkla ASA

Equities

ORK

NO0003733800

Food Processing

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-05-16 am EDT			5-day change	1st Jan Change
82.3 ^NOK	+0.24%		+0.06%	+4.39%

May. 03	U.S. Futures, European Stocks Higher Ahead of U.S. Jobs Report	DJ
May. 03	Transcript : Orkla ASA, Q1 2024 Earnings Call, May 03, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,987	87,081	88,000	70,737	78,651	82,108	-	-
Enterprise Value (EV) ¹	95,904	93,891	101,207	88,337	98,434	98,815	98,712	97,645
P/E ratio	23.2 x	19.9 x	18.3 x	14.1 x	15.1 x	14.4 x	13.3 x	12.5 x
Yield	2.92%	3.16%	3.4%	4.23%	3.81%	4.57%	4.1%	4.27%
Capitalization / Revenue	2.04 x	1.85 x	1.74 x	1.21 x	1.16 x	1.17 x	1.14 x	1.11 x
EV / Revenue	2.2 x	1.99 x	2.01 x	1.51 x	1.45 x	1.41 x	1.37 x	1.32 x
EV / EBITDA	14 x	12.6 x	12.3 x	9.14 x	10.3 x	9.9 x	9.47 x	9.03 x
EV / FCF	26.3 x	23.5 x	27 x	36 x	22.7 x	17.3 x	23.2 x	21 x
FCF Yield	3.81%	4.25%	3.7%	2.78%	4.4%	5.79%	4.31%	4.75%
Price to Book	2.58 x	2.34 x	2.29 x	1.7 x	1.74 x	1.69 x	1.62 x	1.48 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	82.10	82.10	82.10
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	69,951	71,993	74,041
EBITDA ¹	6,831	7,436	8,232	9,668	9,578	9,986	10,424	10,816
EBIT ¹	4,527	4,562	5,730	6,897	6,234	7,098	7,580	7,914
Operating Margin	10.38%	9.68%	11.36%	11.81%	9.2%	10.15%	10.53%	10.69%
Earnings before Tax (EBT) ¹	4,931	5,348	6,366	7,345	6,966	7,750	8,407	8,933
Net income ¹	3,838	4,371	4,808	5,019	5,196	5,708	6,144	6,535
Net margin	8.8%	9.27%	9.53%	8.6%	7.66%	8.16%	8.53%	8.83%
EPS ²	3.840	4.370	4.820	5.040	5.210	5.720	6.158	6.549
Free Cash Flow ¹	3,653	3,991	3,747	2,453	4,328	5,726	4,256	4,640
FCF margin	8.38%	8.47%	7.43%	4.2%	6.38%	8.18%	5.91%	6.27%
FCF Conversion (EBITDA)	53.48%	53.67%	45.52%	25.37%	45.19%	57.34%	40.83%	42.9%
FCF Conversion (Net income)	95.18%	91.31%	77.93%	48.87%	83.29%	100.31%	69.28%	71.01%
Dividend per Share ²	2.600	2.750	3.000	3.000	3.000	3.752	3.363	3.502
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 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	2025 Q2
Net sales ¹	22,897	24,531	23,275	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	17,107	17,399	34,757	17,287	18,296	36,075	17,945	17,779
EBITDA ¹	3,854	3,312	3,272	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	2,432	2,368	4,940	2,576	2,384	5,198	2,602	2,537
EBIT ¹	2,556	2,555	2,301	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	1,733	1,698	-	1,907	1,733	3,785	1,841	1,776
Operating Margin	11.16%	10.42%	9.89%	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%	10.13%	9.76%	-	11.03%	9.47%	10.49%	10.26%	9.99%
Earnings before Tax (EBT) ¹	2,763	-	-	1,841	-	1,544	1,854	-	2,245	1,702	-	1,736	1,842	-	2,048	1,340	-	1,870	1,900	-	2,107	1,899	-	2,096	2,089
Net income ¹	2,198	-	-	1,314	-	1,082	1,277	-	1,560	1,220	-	1,276	1,372	-	1,551	997	-	1,469	1,365	-	1,526	1,358	-	1,516	1,492
Net margin	9.6%	-	-	9.37%	-	8.15%	8.93%	-	10.57%	7.59%	-	8.1%	8.03%	-	9.24%	5.62%	-	8.59%	7.85%	-	8.83%	7.42%	-	8.45%	8.39%
EPS ²	2.560	-	-	1.320	-	1.090	1.280	-	1.500	1.160	-	1.280	1.380	-	1.560	1.000	-	1.470	1.360	-	1.532	1.358	-	1.517	1.494
Dividend per Share ²	-	-	-	3.000	-	-	-	-	-	3.000	-	-	-	-	-	3.000	-	-	0.8427	-	0.8427	2.071	-	0.8848	0.8848
Announcement Date	2/6/20	2/11/21	7/15/21	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	5/3/24	-	-	-	-	-	-	-

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	16,707	16,604	15,537
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.013 x	0.9158 x	1.604 x	1.82 x	2.065 x	1.673 x	1.593 x	1.436 x
Free Cash Flow ¹	3,653	3,991	3,747	2,453	4,328	5,726	4,256	4,640
ROE (net income / shareholders' equity)	11.3%	12.2%	13.6%	13.6%	13.3%	12.6%	13%	12.9%
ROA (Net income/ Total Assets)	6.9%	7.26%	7.72%	7.2%	6.9%	6.42%	6.88%	7.21%
Assets ¹	55,602	60,210	62,266	69,689	75,325	88,877	89,341	90,658
Book Value Per Share ²	34.40	37.20	38.60	41.80	45.40	48.60	50.60	55.50
Cash Flow per Share	6.120	6.590	-	-	-	-	-	-
Capex ¹	2,468	2,607	2,606	2,777	2,921	2,875	3,056	3,028
Capex / Sales	5.66%	5.53%	5.17%	4.76%	4.31%	4.11%	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

82.3 NOK

Average target price

82 NOK

Spread / Average Target

-0.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Frozen Food Manufacturing

	1st Jan change	Capi.
ORKLA ASA	+4.39%	7.65B
ANJOY FOODS GROUP CO., LTD.	-8.73%	3.85B
NOMAD FOODS LIMITED	+7.79%	2.97B
SANQUAN FOOD CO., LTD.	-4.85%	1.56B
LOTTE WELLFOOD CO.,LTD	+11.47%	924M
ZHENGZHOU QIANWEIYANGCHU FOOD CO., LTD.	-30.03%	508M
BINGGRAE CO., LTD.	+38.21%	483M
FROSTA AG	+5.77%	481M
VADILAL INDUSTRIES LIMITED	+96.32%	417M
CUISINE SOLUTIONS, INC.	-9.37%	355M

Frozen Food Manufacturing