(BAKKA) P/f Bakkafrost - OL
Sector: Consumer Defensive | Industry: Farm Products | Exchange: OL (Norway) | Market Cap: 25.549m NOK | Total Return: -4.6% in 12m
Avg Turnover: 38.6M
EPS Trend: -76.0%
Qual. Beats: 0
Rev. Trend: -60.3%
Qual. Beats: -1
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
P/f Bakkafrost is a vertically integrated salmon producer headquartered in the Faroe Islands. The company manages the entire value chain, including fish feed production, hatcheries, farming operations across the Faroe Islands and Scotland, and global distribution of fresh and frozen salmon products. Its business model is supported by a fleet of service vessels and a waste-to-energy division that converts organic materials into biogas and electricity.
The company operates within the aquaculture sector, which utilizes biological assets that are sensitive to environmental variables such as sea temperatures and sea lice levels. Bakkafrost’s vertical integration is a strategic differentiator, as owning its fishmeal and fish oil production allows for greater control over feed quality and the omega-3 content of the final product.
- Biological challenges and mortality rates impact Scotland farming segment margins
- Global salmon spot prices drive vertically integrated revenue and profitability
- Smolt size strategy execution reduces sea cycle risk and improves productivity
- Feed segment self-sufficiency stabilizes input costs against volatile marine raw materials
| Net Income: 845.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.00 > 0.02 and ΔFCF/TA -6.81 > 1.0 |
| NWC/Revenue: 68.82% < 20% (prev 53.68%; Δ 15.14% < -1%) |
| CFO/TA 0.13 > 3% & CFO 2.55b > Net Income 845.1m |
| Net Debt (462.8m) to EBITDA (2.06b): 0.22 < 3 |
| Current Ratio: 7.24 > 1.5 & < 3 |
| Outstanding Shares: last quarter (59.3m) vs 12m ago -0.02% < -2% |
| Gross Margin: 66.70% > 18% (prev 63.57%; Δ 3.14% > 0.5%) |
| Asset Turnover: 38.77% > 50% (prev 38.92%; Δ -0.15% > 0%) |
| Interest Coverage Ratio: 16.59 > 6 (EBIT TTM 1.28b / Interest Expense TTM 77.1m) |
| A: 0.26 (Total Current Assets 5.77b - Total Current Liabilities 796.6m) / Total Assets 19.2b |
| B: 0.35 (Retained Earnings 6.63b / Total Assets 19.2b) |
| C: 0.07 (EBIT TTM 1.28b / Avg Total Assets 18.6b) |
| D: 1.44 (Book Value of Equity 11.3b / Total Liabilities 7.85b) |
| Altman-Z'' = 4.80 = AA |
| DSRI: 1.24 (Receivables 1.05b/819.1m, Revenue 7.22b/7.03b) |
| GMI: 0.95 (GM 63.57% / 66.70%) |
| AQI: 0.95 (AQ_t 0.29 / AQ_t-1 0.30) |
| SGI: 1.03 (Revenue 7.22b / 7.03b) |
| TATA: -0.09 (NI 845.1m - CFO 2.55b) / TA 19.2b) |
| Beneish M = -2.89 (Cap -4..+1) = A |
As of June 20, 2026, the stock is trading at NOK 414.40 with a total of 68,243 shares traded.
Over the past week, the price has changed by +0.24%,
over one month by -7.83%,
over three months by -11.21% and
over the past year by -4.58%.
P/f Bakkafrost has no consensus analysts rating.
Market Cap DKK = 17.3b (25.5b NOK * 0.6777 NOK.DKK)
P/E Trailing = 20.6214
P/E Forward = 14.6843
P/S = 3.5378
P/B = 1.5372
P/EG = -2.18
Revenue TTM = 7.22b DKK
EBIT TTM = 1.28b DKK
EBITDA TTM = 2.06b DKK
Long Term Debt = 4.13b DKK (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 832.9m DKK (Leases only: 832.9m)
Net Debt = 462.8m DKK (calculated: Debt 832.9m - CCE 370.1m)
Enterprise Value = 17.8b DKK (17.3b + Debt 832.9m - CCE 370.1m)
Interest Coverage Ratio = 16.59 (Ebit TTM 1.28b / Interest Expense TTM 77.1m)
EV/FCF = -314.7x (Enterprise Value 17.8b / FCF TTM -56.5m)
FCF Yield = -0.32% (FCF TTM -56.5m / Enterprise Value 17.8b)
FCF Margin = -0.78% (FCF TTM -56.5m / Revenue TTM 7.22b)
Net Margin = 11.70% (Net Income TTM 845.1m / Revenue TTM 7.22b)
Gross Margin = 66.70% ((Revenue TTM 7.22b - Cost of Revenue TTM 2.40b) / Revenue TTM)
Gross Margin QoQ = 70.12% (prev 71.05%)
Tobins Q-Ratio = 0.93 (Enterprise Value 17.8b / Total Assets 19.2b)
Interest Expense / Debt = 9.25% (Interest Expense 77.1m / Debt 832.9m)
Taxrate = 23.02% (250.0m / 1.09b)
NOPAT = 984.0m (EBIT 1.28b * (1 - 23.02%))
Current Ratio = 7.24 (Total Current Assets 5.77b / Total Current Liabilities 796.6m)
Debt / Equity = 0.07 (Debt 832.9m / totalStockholderEquity, last quarter 11.3b)
Debt / EBITDA = 0.22 (Net Debt 462.8m / EBITDA 2.06b)
Debt / FCF = -8.19 (negative FCF - burning cash) (Net Debt 462.8m / FCF TTM -56.5m)
Total Stockholder Equity = 10.8b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.54% (Net Income 845.1m / Total Assets 19.2b)
RoE = 7.81% (Net Income TTM 845.1m / Total Stockholder Equity 10.8b)
RoCE = 8.55% (EBIT 1.28b / Capital Employed (Equity 10.8b + L.T.Debt 4.13b))
RoIC = 5.45% (NOPAT 984.0m / Invested Capital 18.0b)
WACC = 6.36% (E(17.3b)/V(18.1b) * Re(6.32%) + D(832.9m)/V(18.1b) * Rd(9.25%) * (1-Tc(0.23)))
Discount Rate = 6.32% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 56.83 | Cagr: -12.76%
[DCF] Fair Price = unknown (Cash Flow -56.5m)
EPS Correlation: -76.00 | EPS CAGR: -19.49% | SUE: 0.13 | # QB: 0
Revenue Correlation: -60.27 | Revenue CAGR: -3.60% | SUE: -0.93 | # QB: -1
EPS current Quarter (2026-06-30): EPS=4.47 | Chg30d=N/A | Revisions=-20% | Analysts=4
EPS next Quarter (2026-09-30): EPS=3.68 | Chg30d=N/A | Revisions=-20% | Analysts=4
EPS current Year (2026-12-31): EPS=17.50 | Chg30d=-3.25% | Revisions=+0% | GrowthEPS=+153.7% | GrowthRev=+21.2%
EPS next Year (2027-12-31): EPS=25.25 | Chg30d=+0.73% | Revisions=+0% | GrowthEPS=+44.3% | GrowthRev=+15.2%
[Analyst] Revisions Ratio: -20%