BAKKA Stock Analysis: P/f Bakkafrost | OL
Farm Products | OL, Norway | Market Cap: 26.070m NOK | 12M Return: -3.5% | FO0000000179 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 36.3M
EPS Trend: -85.8%
Qual. Beats: -1
Rev. Trend: -36.9%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
P/F Bakkafrost is a vertically integrated salmon producer founded in 1968 and headquartered in Glyvrar, Denmark, with operations spanning the full aquaculture value chain. The company operates through seven segments covering fishmeal, fish oil and feed production, freshwater smolt operations in both the Faroe Islands and Scotland, sea-based salmon farming in those same two regions, farming services, and sales. Its product portfolio ranges from fresh and frozen whole salmon and fillets to value-added items such as smoked salmon, portions, and by-products like heads, backbones, and skin. Beyond core salmon production, Bakkafrost runs its own breeding program for salmon strains, produces smolts, operates a fleet of service vessels, and converts organic waste into biogas, heating, electricity, and fertilizers.
The company sells its products across North America, Western Europe, Eastern Europe, and Asia. As a vertically integrated aquaculture operator, Bakkafrost controls inputs from feed and genetics through to harvesting and processing, a structure common among major salmon producers seeking to manage biological risks, feed costs (which typically represent the largest expense in salmon farming), and supply consistency for global retail and foodservice customers.
- Atlantic salmon spot prices surge on tight global supply
- Scotland farming segment margins pressured by biological costs
- Faroese feed vertical integration drives cost advantage over competitors
| Net Income: 817.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 2.39 > 1.0 |
| NWC/Revenue: 61.40% < 20% (prev 61.37%; Δ 0.03% < -1%) |
| CFO/TA 0.07 > 3% & CFO 1.42b > Net Income 817.6m |
| Net Debt (461.0m) to EBITDA (2.00b): 0.23 < 3 |
| Current Ratio: 5.78 > 1.5 & < 3 |
| Outstanding Shares: last quarter (59.3m) vs 12m ago -0.16% < -2% |
| Gross Margin: 67.91% > 18% (prev 71.02%; Δ -3.11% > 0.5%) |
| Asset Turnover: 40.81% > 50% (prev 37.11%; Δ 3.71% > 0%) |
| Interest Coverage Ratio: 11.29 > 6 (EBIT TTM 1.22b / Interest Expense TTM 107.9m) |
| A: 0.24 (Total Current Assets 5.55b - Total Current Liabilities 959.4m) / Total Assets 19.0b |
| B: 0.35 (Retained Earnings 6.67b / Total Assets 19.0b) |
| C: 0.07 (EBIT TTM 1.22b / Avg Total Assets 18.3b) |
| D: 1.36 (Book Value of Equity 11.0b / Total Liabilities 8.04b) |
| Altman-Z'' = 4.60 = AA |
| DSRI: 2.24 (Receivables 852.4m/333.3m, Revenue 7.47b/6.53b) |
| GMI: 1.05 (GM 71.02% / 67.91%) |
| AQI: 0.94 (AQ_t 0.29 / AQ_t-1 0.31) |
| SGI: 1.14 (Revenue 7.47b / 6.53b) |
| TATA: -0.03 (NI 817.6m - CFO 1.42b) / TA 19.0b) |
| Beneish M = -1.91 (Cap -4..+1) = B |
As of October 23, 2026, the stock is trading at NOK 459.20 with a total of 108,295 shares traded. Over the past week, the price has changed by +4.17%, over one month by +5.71%, over three months by +3.33% and over the past year by -3.54%.
Current recommended Stop Loss: 445.40 (which is 3% or 1.3 ATR below the current price).
P/f Bakkafrost has no consensus analysts rating.
Market Cap DKK = 18.6b (26.1b NOK * 0.71380001306534 NOK.DKK)
P/E Trailing = 20.8824
P/E Forward = 12.8041
P/S = 3.4888
P/B = 1.6754
P/EG = -2.18
Revenue TTM = 7.47b DKK
EBIT TTM = 1.22b DKK
EBITDA TTM = 2.00b DKK
Long Term Debt = 4.37b DKK (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 788.5m DKK (Leases only: 788.5m)
Net Debt = 461.0m DKK (calculated: Debt 788.5m - CCE 327.5m)
Enterprise Value = 19.1b DKK (18.6b + Debt 788.5m - CCE 327.5m)
Interest Coverage Ratio = 11.29 (Ebit TTM 1.22b / Interest Expense TTM 107.9m)
EV/FCF = 49.50x (Enterprise Value 19.1b / FCF TTM 385.2m)
FCF Yield = 2.02% (FCF TTM 385.2m / Enterprise Value 19.1b)
FCF Margin = 5.16% (FCF TTM 385.2m / Revenue TTM 7.47b)
Net Margin = 10.94% (Net Income TTM 817.6m / Revenue TTM 7.47b)
Gross Margin = 67.91% ((Revenue TTM 7.47b - Cost of Revenue TTM 2.40b) / Revenue TTM)
Gross Margin QoQ = 68.87% (prev 70.12%)
Tobins Q-Ratio = 1.00 (Enterprise Value 19.1b / Total Assets 19.0b)
Interest Expense / Debt = 13.68% (Interest Expense 107.9m / Debt 788.5m)
Taxrate = 21.56% (223.6m / 1.04b)
NOPAT = 955.4m (EBIT 1.22b * (1 - 21.56%))
Current Ratio = 5.78 (Total Current Assets 5.55b / Total Current Liabilities 959.4m)
Debt / Equity = 0.07 (Debt 788.5m / totalStockholderEquity, last quarter 11.0b)
Debt / EBITDA = 0.23 (Net Debt 461.0m / EBITDA 2.00b)
Debt / FCF = 1.20 (Net Debt 461.0m / FCF TTM 385.2m)
Total Stockholder Equity = 11.0b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.47% (Net Income 817.6m / Total Assets 19.0b)
RoE = 7.47% (Net Income TTM 817.6m / Total Stockholder Equity 11.0b)
RoCE = 7.95% (EBIT 1.22b / Capital Employed (Equity 11.0b + L.T.Debt 4.37b))
RoIC = 5.39% (NOPAT 955.4m / Invested Capital 17.7b)
WACC = 6.04% (E(18.6b)/V(19.4b) * Re(5.84%) + D(788.5m)/V(19.4b) * Rd(13.68%) * (1-Tc(0.22)))
Discount Rate = 5.84% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -51.55 | Cagr: -12.76%
[DCF] Terminal Value 75.44% ; FCFF base≈385.2m ; Y1≈386.8m ; Y5≈409.7m
[DCF] Fair Price = 99.83 (EV 6.37b - Net Debt 461.0m = Equity 5.91b / Shares 59.2m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: -85.81 | EPS CAGR: -22.46% | SUE: -1.01 | # QB: -1
Revenue Correlation: -36.94 | Revenue CAGR: -2.20% | SUE: -0.81 | # QB: 0
EPS current Quarter (2026-09-30): EPS=2.04 | Chg30d=-16.91% | Revisions=-17% | Analysts=3
EPS current Year (2026-12-31): EPS=15.89 | Chg30d=-1.26% | Revisions=+0% | GrowthEPS=+130.3% | GrowthRev=+13.2%
EPS next Year (2027-12-31): EPS=22.96 | Chg30d=+0.19% | Revisions=+40% | GrowthEPS=+44.5% | GrowthRev=+23.5%
[Analyst] Revisions Ratio: +8% (up=5, down=4)