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 74,950 - -
Change - -21.92% 20.69% 5.76% 17.18% -10.21% - -
Enterprise Value (EV) 1 77,024 74,889 80,462 88,031 104,317 95,699 94,365 91,741
Change - -2.77% 7.44% 9.41% 18.5% -8.26% -1.39% -2.78%
P/E 26.9x 13.9x 23.4x 24x 75.3x 23.8x 15.5x 13x
PBR 5.41x 2.61x 3.76x 3.98x 4.71x 4x 3.38x 2.97x
PEG - 0.6x -1.9x -3.24x -1.2x 0x 0.3x 0.7x
Capitalization / Revenue 4.75x 2.77x 2.39x 2.7x 3.05x 2.32x 2.11x 1.95x
EV / Revenue 5.12x 3.72x 2.85x 3.33x 3.81x 2.96x 2.66x 2.39x
EV / EBITDA 20.6x 13.6x 8.43x 12.4x 17.9x 11.1x 8.86x 7.65x
EV / EBIT 26.3x 16.8x 9.95x 16.2x 27x 14.8x 11.1x 9.33x
EV / FCF 951x 38.3x 7.5x 27.4x 83.2x 24x 17.1x 16.5x
FCF Yield 0.11% 2.61% 13.3% 3.65% 1.2% 4.16% 5.83% 6.04%
Dividend per Share 2 20 20 35 22 10 22.07 23.99 29.35
Rate of return 3.29% 5.2% 6.15% 4.07% 1.62% 4.01% 4.36% 5.34%
EPS 2 22.61 27.64 24.3 22.5 8.2 23.07 35.53 42.32
Distribution rate 88.5% 72.4% 144% 97.8% 122% 95.7% 67.5% 69.3%
Net sales 1 15,044 20,158 28,219 26,426 27,394 32,362 35,524 38,357
EBITDA 1 3,734 5,502 9,540 7,120 5,812 8,584 10,656 11,991
EBIT 1 2,927 4,465 8,088 5,429 3,867 6,475 8,498 9,832
Net income 1 2,668 3,312 3,203 2,969 1,105 3,219 4,901 5,924
Net Debt 1 5,543 19,079 13,107 16,799 20,848 20,750 19,416 16,792
Reference price 2 608.00 384.80 569.20 540.50 617.50 550.00 550.00 550.00
Nbr of stocks (in thousands) 117,568 145,037 118,333 131,789 135,173 136,272 - -
Announcement Date 2/18/22 2/21/23 2/15/24 2/18/25 2/10/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.73x1.99x9.33x4.15% 11.38B
24.02x2.97x11.21x3.98% 8.13B
24.74x1.05x7.09x5.76% 2.78B
13.21x0.67x9.1x2.66% 2.5B
16.63x0.72x4.67x7.69% 1.84B
11.29x0.81x9.21x5.6% 1.55B
8.61x0.34x3.88x3.2% 1.23B
Average 18.89x 1.22x 7.78x 4.72% 4.2B
Weighted average by Cap. 25.15x 1.85x 9.09x 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