このページの読み込み中にエラーが発生したようです.
当社チームに通知しましたが、問題が続くようでしたらEメールサポートウィジェットを使ってご連絡ください。
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 23.6x - 26.1x | 24.8x |
| Selected Fwd EBITDA Multiple | 11.3x - 12.5x | 11.9x |
| Fair Value | kr75.29 - kr85.71 | kr80.50 |
| Upside | -27.6% - -17.6% | -22.6% |
| Benchmarks | Ticker | Full Ticker |
| Mowi ASA | MOWI | OB:MOWI |
| Nordic Aqua Partners A/S | NOAP | OB:NOAP |
| The House of Agriculture Spiroy S.A. | SPIR | ATSE:SPIR |
| Måsøval AS | MAS | OB:MAS |
| Aker BioMarine AS | AKBM | OB:AKBM |
| Icelandic Salmon AS | ISLAX | OB:ISLAX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MOWI | NOAP | SPIR | MAS | AKBM | ISLAX | ||
| OB:MOWI | OB:NOAP | ATSE:SPIR | OB:MAS | OB:AKBM | OB:ISLAX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.7% | NM- | -11.5% | 4.9% | -2.4% | NM- | |
| 3Y CAGR | 11.0% | NM- | 17.7% | -11.5% | -0.2% | 39.3% | |
| Latest Twelve Months | -12.2% | -280.7% | -100.9% | -31.8% | -23.2% | -66.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.5% | 3718.3% | 3.0% | 29.5% | 17.5% | 18.4% | |
| Prior Fiscal Year | 21.5% | NA | 7.5% | 18.4% | 14.9% | 26.6% | |
| Latest Fiscal Year | 18.6% | -242.4% | 4.4% | 12.4% | 19.3% | 13.3% | |
| Latest Twelve Months | 18.6% | -242.4% | -0.1% | 12.4% | 19.3% | 8.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.00x | 31.57x | 1.29x | 2.21x | 3.21x | 2.72x | |
| EV / LTM EBITDA | 10.8x | -13.0x | -1648.9x | 17.8x | 16.7x | 34.0x | |
| EV / LTM EBIT | 13.6x | -10.3x | -25.7x | 24.8x | -96.8x | 430.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -1648.9x | 10.8x | 17.8x | ||||
| Historical EV / LTM EBITDA | 12.7x | 17.0x | 36.3x | ||||
| Selected EV / LTM EBITDA | 23.6x | 24.8x | 26.1x | ||||
| (x) LTM EBITDA | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 242 | 254 | 267 | ||||
| (-) Non-shareholder Claims * | (65) | (65) | (65) | ||||
| (=) Equity Value | 177 | 190 | 202 | ||||
| (/) Shares Outstanding | 31.0 | 31.0 | 31.0 | ||||
| Implied Value Range | 5.72 | 6.13 | 6.54 | ||||
| FX Rate: EUR/NOK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 64.95 | 69.62 | 74.29 | 104.00 | |||
| Upside / (Downside) | -37.5% | -33.1% | -28.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MOWI | NOAP | SPIR | MAS | AKBM | ISLAX | |
| Enterprise Value | 11,142 | 204 | 18 | 5,333 | 628 | 348 | |
| (+) Cash & Short Term Investments | 277 | 18 | 2 | 21 | 15 | 2 | |
| (+) Investments & Other | 213 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,676) | (63) | (15) | (2,311) | (148) | (66) | |
| (-) Other Liabilities | (166) | 0 | (0) | (30) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,790 | 159 | 5 | 3,014 | 496 | 283 | |
| (/) Shares Outstanding | 517.1 | 21.2 | 28.3 | 122.5 | 87.7 | 31.0 | |
| Implied Stock Price | 17.00 | 7.48 | 0.16 | 24.60 | 5.65 | 9.15 | |
| FX Conversion Rate to Trading Currency | 0.09 | 0.09 | 1.00 | 1.00 | 0.10 | 0.09 | |
| Implied Stock Price (Trading Cur) | 193.10 | 85.00 | 0.16 | 24.60 | 59.30 | 104.00 | |
| Trading Currency | NOK | NOK | EUR | NOK | NOK | NOK | |
| FX Rate to Reporting Currency | 0.09 | 0.09 | 1.00 | 1.00 | 0.10 | 0.09 | |