Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 25.6x - 28.3x | 26.9x |
| Selected Fwd EBITDA Multiple | 6.9x - 7.7x | 7.3x |
| Fair Value | kr85.02 - kr97.39 | kr91.21 |
| Upside | -14.1% - -1.6% | -7.9% |
| Benchmarks | Ticker | Full Ticker |
| Nordic Aqua Partners A/S | NOAP | OB:NOAP |
| Podravka d.d. | PODR | ZGSE:PODR |
| The House of Agriculture Spiroy S.A. | SPIR | ATSE:SPIR |
| Nordic Halibut AS | NOHAL | OB:NOHAL |
| Viscofan, S.A. | VIS | BME:VIS |
| Icelandic Salmon AS | ISLAX | OB:ISLAX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOAP | PODR | SPIR | NOHAL | VIS | ISLAX | ||
| OB:NOAP | ZGSE:PODR | ATSE:SPIR | OB:NOHAL | BME:VIS | OB:ISLAX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 12.1% | 130.6% | NM- | 8.0% | 0.8% | |
| 3Y CAGR | NM- | 14.7% | NM- | NM- | 4.8% | 7.5% | |
| Latest Twelve Months | -803.2% | 15.0% | 37.6% | 32.5% | 8.4% | -47.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3323.8% | 12.0% | 3.0% | -50.0% | 23.3% | 17.6% | |
| Prior Fiscal Year | NA | 11.7% | 4.4% | -37.0% | 21.5% | 13.3% | |
| Latest Fiscal Year | -259.6% | 13.5% | 5.8% | -66.8% | 23.2% | 11.5% | |
| Latest Twelve Months | -209.9% | 13.4% | 5.8% | -27.8% | 23.4% | 11.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 21.98x | 1.73x | 1.17x | 10.03x | 2.55x | 3.58x | |
| EV / LTM EBITDA | -10.5x | 12.9x | 20.3x | -36.1x | 10.9x | 31.1x | |
| EV / LTM EBIT | -8.7x | 17.5x | 89.1x | -24.8x | 15.0x | 144.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -36.1x | 10.9x | 20.3x | ||||
| Historical EV / LTM EBITDA | 12.7x | 24.1x | 36.3x | ||||
| Selected EV / LTM EBITDA | 25.6x | 26.9x | 28.3x | ||||
| (x) LTM EBITDA | 11 | 11 | 11 | ||||
| (=) Implied Enterprise Value | 289 | 305 | 320 | ||||
| (-) Non-shareholder Claims * | (87) | (87) | (87) | ||||
| (=) Equity Value | 203 | 218 | 233 | ||||
| (/) Shares Outstanding | 31.0 | 31.0 | 31.0 | ||||
| Implied Value Range | 6.54 | 7.04 | 7.53 | ||||
| FX Rate: EUR/NOK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 75.84 | 81.54 | 87.24 | 99.00 | |||
| Upside / (Downside) | -23.4% | -17.6% | -11.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOAP | PODR | SPIR | NOHAL | VIS | ISLAX | |
| Enterprise Value | 194 | 1,385 | 19 | 1,127 | 3,112 | 351 | |
| (+) Cash & Short Term Investments | 10 | 58 | 1 | 73 | 72 | 7 | |
| (+) Investments & Other | 0 | 1 | 0 | 0 | 8 | 0 | |
| (-) Debt | (62) | (455) | (16) | (130) | (285) | (94) | |
| (-) Other Liabilities | 0 | (11) | (0) | 0 | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 143 | 977 | 4 | 1,069 | 2,904 | 265 | |
| (/) Shares Outstanding | 21.2 | 7.0 | 28.3 | 53.4 | 45.8 | 31.0 | |
| Implied Stock Price | 6.73 | 139.00 | 0.14 | 20.00 | 63.40 | 8.54 | |
| FX Conversion Rate to Trading Currency | 0.09 | 1.00 | 1.00 | 1.00 | 1.00 | 0.09 | |
| Implied Stock Price (Trading Cur) | 78.00 | 139.00 | 0.14 | 20.00 | 63.40 | 99.00 | |
| Trading Currency | NOK | EUR | EUR | NOK | EUR | NOK | |
| FX Rate to Reporting Currency | 0.09 | 1.00 | 1.00 | 1.00 | 1.00 | 0.09 | |