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 95,765 94,667 92,031
Change - -2.77% 7.44% 9.41% 18.5% -8.2% -1.15% -2.78%
P/E 26.9x 13.9x 23.4x 24x 75.3x 23.4x 15x 12.8x
PBR 5.41x 2.61x 3.76x 3.98x 4.71x 4x 3.37x 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 2.33x 2.09x 1.93x
EV / Revenue 5.12x 3.72x 2.85x 3.33x 3.81x 2.97x 2.64x 2.37x
EV / EBITDA 20.6x 13.6x 8.43x 12.4x 17.9x 11.1x 8.78x 7.63x
EV / EBIT 26.3x 16.8x 9.95x 16.2x 27x 14.6x 11x 9.29x
EV / FCF 951x 38.3x 7.5x 27.4x 83.2x 24.1x 17.2x 16.3x
FCF Yield 0.11% 2.61% 13.3% 3.65% 1.2% 4.15% 5.8% 6.13%
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% 3.71% 4.49% 5.34%
EPS 2 22.61 27.64 24.3 22.5 8.2 23.46 36.58 42.87
Distribution rate 88.5% 72.4% 144% 97.8% 122% 87% 67.5% 68.5%
Net sales 1 15,044 20,158 28,219 26,426 27,394 32,216 35,806 38,766
EBITDA 1 3,734 5,502 9,540 7,120 5,812 8,660 10,782 12,063
EBIT 1 2,927 4,465 8,088 5,429 3,867 6,549 8,627 9,903
Net income 1 2,668 3,312 3,203 2,969 1,105 3,266 5,051 6,010
Net Debt 1 5,543 19,079 13,107 16,799 20,848 20,815 19,717 17,081
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.($)
33.5x2.03x9.3x4.14% 11.35B
23.97x3.03x11.25x3.63% 8.14B
24.61x1.04x7x5.85% 2.7B
12.57x0.65x8.91x2.79% 2.35B
17.17x0.72x4.66x7.71% 1.81B
11.1x0.8x9.23x5.68% 1.52B
8.24x0.33x3.8x3.35% 1.16B
Average 18.74x 1.23x 7.74x 4.74% 4.15B
Weighted average by Cap. 25.11x 1.89x 9.09x 4.32%

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

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