Projected Income Statement: SalMar ASA

Forecast Balance Sheet: SalMar ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 5,543 19,079 13,107 16,799 20,848 20,726 19,577 16,912
Change - 244.2% -31.3% 28.17% 24.1% -0.59% -5.54% -13.61%
Announcement Date 2/18/22 2/21/23 2/15/24 2/18/25 2/10/26 - - -
1NOK in Million
Estimates

Cash Flow Forecast: SalMar ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,827 2,455 2,348 2,523 1,935 1,205 1,600 1,604
Change - -13.16% -4.35% 7.45% -23.31% -37.74% 32.77% 0.27%
Free Cash Flow (FCF) 1 81 1,957 10,731 3,214 1,254 3,974 5,494 5,643
Change - 2,316.59% 448.22% -70.05% -60.98% 216.87% 38.28% 2.71%
Announcement Date 2/18/22 2/21/23 2/15/24 2/18/25 2/10/26 - - -
1NOK in Million
Estimates

Forecast Financial Ratios: SalMar ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 24.82% 27.29% 33.81% 26.94% 21.22% 27.17% 30.21% 31.16%
EBIT Margin (%) 19.46% 22.15% 28.66% 20.54% 14.12% 20.64% 24.2% 25.59%
EBT Margin (%) 22.51% 22.63% 25.79% 15.9% 6.17% 13.98% 21.27% 22.68%
Net margin (%) 17.73% 16.43% 11.35% 11.24% 4.03% 10.47% 14.15% 15.47%
FCF margin (%) 0.54% 9.71% 38.03% 12.16% 4.58% 12.28% 15.32% 14.55%
FCF / Net Income (%) 3.04% 59.1% 335.03% 108.25% 113.48% 117.3% 108.31% 94.05%

Profitability

        
ROA 9.64% 7.31% 5.53% 5.51% - - - -
ROE 23.12% 20.33% 16.32% 15.7% 6.2% 18.51% 24.37% 25.93%

Financial Health

        
Leverage (Debt/EBITDA) 1.48x 3.47x 1.37x 2.36x 3.59x 2.36x 1.81x 1.4x
Debt / Free cash flow 68.43x 9.75x 1.22x 5.23x 16.63x 5.22x 3.56x 3x

Capital Intensity

        
CAPEX / Current Assets (%) 18.79% 12.18% 8.32% 9.55% 7.06% 3.72% 4.46% 4.14%
CAPEX / EBITDA (%) 75.71% 44.62% 24.61% 35.44% 33.29% 13.71% 14.77% 13.27%
CAPEX / FCF (%) 3,490.12% 125.41% 21.88% 78.5% 154.31% 30.32% 29.11% 28.42%

Items per share

        
Cash flow per share 1 25.09 35.19 68.2 40.77 23.78 44.25 53.1 55.58
Change - 40.29% 93.79% -40.23% -41.67% 86.1% 20% 4.66%
Dividend per Share 1 20 20 35 22 10 20.42 24.7 29.35
Change - 0% 75% -37.14% -54.55% 104.16% 20.99% 18.8%
Book Value Per Share 1 112.3 147.3 151.4 135.8 131.1 139.1 167.1 190
Change - 31.14% 2.82% -10.33% -3.46% 6.14% 20.15% 13.68%
EPS 1 22.61 27.64 24.3 22.5 8.2 24.54 36.89 43.03
Change - 22.25% -12.08% -7.41% -63.56% 199.27% 50.34% 16.62%
Nbr of stocks (in thousands) 117,568 145,037 118,333 131,789 135,173 136,272 136,272 136,272
Announcement Date 2/18/22 2/21/23 2/15/24 2/18/25 2/10/26 - - -
1NOK
Estimates
2026 *2027 *
P/E 22.9x 15.2x
PBR 4.03x 3.36x
EV / Sales 3x 2.68x
Yield 3.64% 4.4%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
561.00NOK
Average target price
606.60NOK
Spread / Average Target
+8.13%

Quarterly revenue - Rate of surprise