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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 1,746.9x - 1,930.7x | 1,838.8x |
| Selected Fwd EBITDA Multiple | 5.7x - 6.3x | 6.0x |
| Fair Value | kr10.54 - kr12.62 | kr11.58 |
| Upside | -46.9% - -36.4% | -41.7% |
| Benchmarks | Ticker | Full Ticker |
| Salmon Evolution ASA | SALME | OB:SALME |
| Nordic Halibut AS | NOHAL | OB:NOHAL |
| Norcod AS | NCOD | OB:NCOD |
| BioFish Holding AS | BFISH | OB:BFISH |
| Grieg Seafood ASA | GSF | OB:GSF |
| Måsøval AS | MAS | OB:MAS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SALME | NOHAL | NCOD | BFISH | GSF | MAS | ||
| OB:SALME | OB:NOHAL | OB:NCOD | OB:BFISH | OB:GSF | OB:MAS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 4.9% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | -11.5% | |
| Latest Twelve Months | 130.5% | 32.5% | 17.5% | 72.4% | -182.9% | -104.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -265.7% | -50.0% | -48.0% | -31.1% | 15.2% | 28.1% | |
| Prior Fiscal Year | -40.6% | -37.0% | -75.2% | -19.7% | 18.2% | 18.4% | |
| Latest Fiscal Year | 11.8% | -66.8% | -42.1% | -23.6% | -3.3% | 12.4% | |
| Latest Twelve Months | 1.6% | -27.8% | -42.1% | -1.8% | -5.4% | -0.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.41x | 9.99x | 3.03x | 3.73x | 1.66x | 1.75x | |
| EV / LTM EBITDA | 539.0x | -35.9x | -7.2x | -202.4x | -31.0x | -194.6x | |
| EV / LTM EBIT | -53.2x | -24.7x | -5.9x | -17.7x | -16.6x | -56.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -202.4x | -31.0x | 539.0x | ||||
| Historical EV / LTM EBITDA | 5.9x | 13.9x | 25.2x | ||||
| Selected EV / LTM EBITDA | 1746.9x | 1838.8x | 1930.7x | ||||
| (x) LTM EBITDA | (24) | (24) | (24) | ||||
| (=) Implied Enterprise Value | (41,975) | (44,184) | (46,394) | ||||
| (-) Non-shareholder Claims * | (2,245) | (2,245) | (2,245) | ||||
| (=) Equity Value | 0 | 0 | 0 | ||||
| (/) Shares Outstanding | 122.5 | 122.5 | 122.5 | ||||
| Implied Value Range | 0.00 | 0.00 | 0.00 | ||||
| FX Rate: NOK/NOK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.00 | 0.00 | 0.00 | 19.85 | |||
| Upside / (Downside) | -100.0% | -100.0% | -100.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SALME | NOHAL | NCOD | BFISH | GSF | MAS | |
| Enterprise Value | 3,532 | 1,121 | 1,204 | 248 | 12,141 | 4,676 | |
| (+) Cash & Short Term Investments | 418 | 73 | 23 | 10 | 1,387 | 69 | |
| (+) Investments & Other | 10 | 0 | 0 | 0 | 247 | 0 | |
| (-) Debt | (1,027) | (130) | (368) | (69) | (6,142) | (2,286) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (28) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,933 | 1,063 | 859 | 189 | 7,633 | 2,432 | |
| (/) Shares Outstanding | 462.6 | 53.4 | 57.6 | 112.0 | 112.2 | 122.5 | |
| Implied Stock Price | 6.34 | 19.90 | 14.90 | 1.69 | 68.00 | 19.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.34 | 19.90 | 14.90 | 1.69 | 68.00 | 19.85 | |
| Trading Currency | NOK | NOK | NOK | NOK | NOK | NOK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |