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 78,152 - -
Change - -21.92% 20.69% 5.76% 17.18% -6.37% - -
Enterprise Value (EV) 1 77,024 74,889 80,462 88,031 104,317 98,902 97,568 94,944
Change - -2.77% 7.44% 9.41% 18.5% -5.19% -1.35% -2.69%
P/E 26.9x 13.9x 23.4x 24x 75.3x 24.9x 16.1x 13.6x
PBR 5.41x 2.61x 3.76x 3.98x 4.71x 4.17x 3.52x 3.09x
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 2.41x 2.2x 2.04x
EV / Revenue 5.12x 3.72x 2.85x 3.33x 3.81x 3.06x 2.75x 2.48x
EV / EBITDA 20.6x 13.6x 8.43x 12.4x 17.9x 11.5x 9.16x 7.92x
EV / EBIT 26.3x 16.8x 9.95x 16.2x 27x 15.3x 11.5x 9.66x
EV / FCF 951x 38.3x 7.5x 27.4x 83.2x 24.8x 17.7x 17.1x
FCF Yield 0.11% 2.61% 13.3% 3.65% 1.2% 4.03% 5.64% 5.84%
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% 3.85% 4.18% 5.12%
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 2 608.00 384.80 569.20 540.50 617.50 573.50 573.50 573.50
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
34.77x2.04x9.55x4.03% 11.74B
23.62x3.09x11.22x3.93% 8.29B
25.12x1.06x7.17x5.67% 2.84B
12.45x0.64x8.8x2.83% 2.37B
16.73x0.72x4.69x7.65% 1.86B
11.2x0.8x9.18x5.67% 1.54B
8.57x0.34x3.87x3.22% 1.24B
Average 18.92x 1.24x 7.78x 4.71% 4.27B
Weighted average by Cap. 25.57x 1.91x 9.17x 4.34%

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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