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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.8x - 21.9x | 20.9x |
| Selected Fwd EBIT Multiple | 6.4x - 7.1x | 6.7x |
| Fair Value | kr19.75 - kr23.83 | kr21.79 |
| Upside | -20.4% - -3.9% | -12.1% |
| Benchmarks | Ticker | Full Ticker |
| Nordic Halibut AS | NOHAL | OB:NOHAL |
| Salmon Evolution ASA | SALME | OB:SALME |
| Norcod AS | NCOD | OB:NCOD |
| Grieg Seafood ASA | GSF | OB:GSF |
| BioFish Holding AS | BFISH | OB:BFISH |
| Måsøval AS | MAS | OB:MAS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NOHAL | SALME | NCOD | GSF | BFISH | MAS | ||
| OB:NOHAL | OB:SALME | OB:NCOD | OB:GSF | OB:BFISH | OB:MAS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 2.8% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | -18.5% | |
| Latest Twelve Months | -54.5% | 86.2% | 5.6% | -159.2% | -44.1% | -40.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -68.7% | 151.4% | -56.3% | 11.3% | -41.1% | 26.2% | |
| Prior Fiscal Year | -46.6% | -65.6% | -80.1% | 13.8% | -32.8% | 15.2% | |
| Latest Fiscal Year | -81.1% | -3.2% | -51.3% | -7.8% | -46.2% | 8.9% | |
| Latest Twelve Months | -81.1% | -3.2% | -51.3% | -7.8% | -46.2% | 8.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 14.62x | 7.56x | 2.61x | 1.68x | 4.29x | 2.22x | |
| EV / LTM EBITDA | -35.5x | 64.1x | -6.2x | 169.4x | -21.2x | 17.9x | |
| EV / LTM EBIT | -18.0x | -234.2x | -5.1x | -21.6x | -9.3x | 24.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -234.2x | -18.0x | -5.1x | ||||
| Historical EV / LTM EBIT | 6.4x | 16.6x | 24.9x | ||||
| Selected EV / LTM EBIT | 19.8x | 20.9x | 21.9x | ||||
| (x) LTM EBIT | 215 | 215 | 215 | ||||
| (=) Implied Enterprise Value | 4,263 | 4,488 | 4,712 | ||||
| (-) Non-shareholder Claims * | (2,320) | (2,320) | (2,320) | ||||
| (=) Equity Value | 1,943 | 2,168 | 2,392 | ||||
| (/) Shares Outstanding | 122.5 | 122.5 | 122.5 | ||||
| Implied Value Range | 15.86 | 17.70 | 19.53 | ||||
| FX Rate: NOK/NOK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.86 | 17.70 | 19.53 | 24.80 | |||
| Upside / (Downside) | -36.0% | -28.6% | -21.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOHAL | SALME | NCOD | GSF | BFISH | MAS | |
| Enterprise Value | 1,324 | 3,566 | 1,038 | 12,463 | 209 | 5,358 | |
| (+) Cash & Short Term Investments | 26 | 0 | 23 | 203 | 3 | 21 | |
| (+) Investments & Other | 0 | 0 | 0 | 244 | 0 | 0 | |
| (-) Debt | (304) | (582) | (368) | (6,844) | (71) | (2,311) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (30) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,046 | 2,984 | 693 | 6,067 | 142 | 3,038 | |
| (/) Shares Outstanding | 53.4 | 462.6 | 57.5 | 112.2 | 110.3 | 122.5 | |
| Implied Stock Price | 19.60 | 6.45 | 12.05 | 54.05 | 1.29 | 24.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.60 | 6.45 | 12.05 | 54.05 | 1.29 | 24.80 | |
| Trading Currency | NOK | NOK | NOK | NOK | NOK | NOK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |