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 76,585 - -
Change - -21.92% 20.69% 5.76% 17.18% -8.25% - -
Enterprise Value (EV) 1 77,024 74,889 80,462 88,031 104,317 97,334 96,000 93,377
Change - -2.77% 7.44% 9.41% 18.5% -6.69% -1.37% -2.73%
P/E 26.9x 13.9x 23.4x 24x 75.3x 24.2x 15.4x 13.3x
PBR 5.41x 2.61x 3.76x 3.98x 4.71x 4.09x 3.45x 3.03x
PEG - 0.6x -1.9x -3.24x -1.2x 0x 0.3x 0.8x
Capitalization / Revenue 4.75x 2.77x 2.39x 2.7x 3.05x 2.37x 2.15x 2x
EV / Revenue 5.12x 3.72x 2.85x 3.33x 3.81x 3.01x 2.69x 2.43x
EV / EBITDA 20.6x 13.6x 8.43x 12.4x 17.9x 11.3x 8.91x 7.79x
EV / EBIT 26.3x 16.8x 9.95x 16.2x 27x 14.9x 11.1x 9.5x
EV / FCF 951x 38.3x 7.5x 27.4x 83.2x 24.4x 17.4x 16.8x
FCF Yield 0.11% 2.61% 13.3% 3.65% 1.2% 4.09% 5.73% 5.94%
Dividend per Share 2 20 20 35 22 10 22.22 24.7 29.35
Rate of return 3.29% 5.2% 6.15% 4.07% 1.62% 3.95% 4.4% 5.22%
EPS 2 22.61 27.64 24.3 22.5 8.2 23.25 36.42 42.32
Distribution rate 88.5% 72.4% 144% 97.8% 122% 95.6% 67.8% 69.3%
Net sales 1 15,044 20,158 28,219 26,426 27,394 32,288 35,631 38,357
EBITDA 1 3,734 5,502 9,540 7,120 5,812 8,651 10,778 11,991
EBIT 1 2,927 4,465 8,088 5,429 3,867 6,544 8,625 9,832
Net income 1 2,668 3,312 3,203 2,969 1,105 3,238 5,027 5,924
Net Debt 1 5,543 19,079 13,107 16,799 20,848 20,750 19,416 16,792
Reference price 2 608.00 384.80 569.20 540.50 617.50 562.00 562.00 562.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
34.06x2.01x9.4x4.11% 11.5B
24.37x3.01x11.34x3.93% 8.25B
24.91x1.06x7.13x5.72% 2.8B
12.23x0.64x8.71x2.88% 2.33B
16.8x0.73x4.7x7.61% 1.86B
10.86x0.79x9.05x5.85% 1.48B
8.53x0.34x3.86x3.23% 1.23B
Average 18.82x 1.22x 7.74x 4.76% 4.21B
Weighted average by Cap. 25.43x 1.88x 9.13x 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

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