Company Valuation: SalMar ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 71,481 55,810 67,355 71,232 83,469 79,106 - -
Change - -21.92% 20.69% 5.76% 17.18% -5.23% - -
Enterprise Value (EV) 1 77,024 74,889 80,462 88,031 104,317 99,832 98,683 96,018
Change - -2.77% 7.44% 9.41% 18.5% -4.3% -1.15% -2.7%
P/E 26.9x 13.9x 23.4x 24x 75.3x 23.7x 15.7x 13.5x
PBR 5.41x 2.61x 3.76x 3.98x 4.71x 4.17x 3.47x 3.06x
PEG - 0.6x -1.9x -3.24x -1.2x 0x 0.3x 0.8x
Capitalization / Revenue 4.75x 2.77x 2.39x 2.7x 3.05x 2.45x 2.21x 2.04x
EV / Revenue 5.12x 3.72x 2.85x 3.33x 3.81x 3.09x 2.75x 2.48x
EV / EBITDA 20.6x 13.6x 8.43x 12.4x 17.9x 11.4x 9.11x 7.95x
EV / EBIT 26.3x 16.8x 9.95x 16.2x 27x 15x 11.4x 9.68x
EV / FCF 951x 38.3x 7.5x 27.4x 83.2x 25.1x 18x 17x
FCF Yield 0.11% 2.61% 13.3% 3.65% 1.2% 3.98% 5.57% 5.88%
Dividend per Share 2 20 20 35 22 10 20.42 24.7 29.35
Rate of return 3.29% 5.2% 6.15% 4.07% 1.62% 3.52% 4.26% 5.06%
EPS 2 22.61 27.64 24.3 22.5 8.2 24.54 36.89 43.03
Distribution rate 88.5% 72.4% 144% 97.8% 122% 83.2% 67% 68.2%
Net sales 1 15,044 20,158 28,219 26,426 27,394 32,352 35,855 38,774
EBITDA 1 3,734 5,502 9,540 7,120 5,812 8,789 10,830 12,083
EBIT 1 2,927 4,465 8,088 5,429 3,867 6,676 8,676 9,923
Net income 1 2,668 3,312 3,203 2,969 1,105 3,388 5,073 6,000
Net Debt 1 5,543 19,079 13,107 16,799 20,848 20,726 19,577 16,912
Reference price 2 608.00 384.80 569.20 540.50 617.50 580.50 580.50 580.50
Nbr of stocks (in thousands) 117,568 145,037 118,333 131,789 135,173 136,272 - -
Announcement Date 18/02/22 21/02/23 15/02/24 18/02/25 10/02/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.68x2x9.17x4.22% 11.11B
22.8x3x11.03x3.65% 8.01B
25.42x1.02x6.93x5.93% 2.64B
12.07x0.63x8.71x2.91% 2.21B
16.86x0.71x4.61x7.87% 1.75B
11.37x0.82x9.55x5.62% 1.53B
8.01x0.33x3.75x3.44% 1.13B
Average 18.46x 1.22x 7.68x 4.81% 4.05B
Weighted average by Cap. 24.50x 1.88x 8.97x 4.39%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield