Financials Bakkafrost

Equities

BAKKA

FO0000000179

Fishing & Farming

Market Closed - Oslo Bors Other stock markets 08:15:00 02/05/2024 pm IST			5-day change	1st Jan Change
647 ^NOK	-4.71%		+0.86%	+21.62%

03/04	P/F Bakkafrost Announces Sales Results for the First Quarter of 2024	CI
20/02	P/F Bakkafrost Announces Sales Results for the Fourth Quarter and Full Year of 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,078	25,619	25,553	25,768	20,889	24,161	-	-
Enterprise Value (EV) ¹	30,430	27,372	27,678	28,432	24,422	28,081	28,471	28,056
P/E ratio	31.7 x	55.4 x	26.5 x	19.2 x	21.8 x	17.7 x	14.5 x	13.5 x
Yield	1.69%	0.84%	1.19%	2.29%	2.47%	2.52%	3.04%	3.44%
Capitalization / Revenue	6.45 x	5.46 x	4.6 x	3.61 x	2.93 x	2.85 x	2.52 x	2.16 x
EV / Revenue	6.75 x	5.83 x	4.98 x	3.99 x	3.42 x	3.31 x	2.97 x	2.51 x
EV / EBITDA	18.6 x	25.6 x	20.5 x	12.7 x	11.2 x	10.1 x	8.81 x	8 x
EV / FCF	-8.54 x	-80 x	2,248 x	-539 x	-1,156 x	81.4 x	100 x	26.4 x
FCF Yield	-11.7%	-1.25%	0.04%	-0.19%	-0.09%	1.23%	1%	3.79%
Price to Book	2.99 x	2.94 x	2.74 x	2.48 x	1.92 x	2.07 x	1.92 x	1.72 x
Nbr of stocks (in thousands)	59,142	59,043	59,074	59,075	59,206	59,176	-	-
Reference price ²	491.7	433.9	432.6	436.2	352.8	408.3	408.3	408.3
Announcement Date	25/02/20	22/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,511	4,696	5,554	7,130	7,141	8,486	9,595	11,189
EBITDA ¹	1,635	1,068	1,352	2,243	2,181	2,767	3,231	3,507
EBIT ¹	1,325	621.2	821.2	1,705	1,544	2,071	2,486	2,704
Operating Margin	29.38%	13.23%	14.79%	23.92%	21.62%	24.4%	25.91%	24.17%
Earnings before Tax (EBT) ¹	981.9	626	1,138	1,690	1,148	1,723	2,101	2,290
Net income ¹	801.9	462.8	964.1	1,345	955.6	1,374	1,679	1,789
Net margin	17.78%	9.86%	17.36%	18.87%	13.38%	16.19%	17.5%	15.99%
EPS ²	15.53	7.830	16.32	22.75	16.15	23.07	28.24	30.27
Free Cash Flow ¹	-3,565	-342.2	12.32	-52.74	-21.12	345	284.3	1,064
FCF margin	-79.02%	-7.29%	0.22%	-0.74%	-0.3%	4.07%	2.96%	9.51%
FCF Conversion (EBITDA)	-	-	0.91%	-	-	12.47%	8.8%	30.33%
FCF Conversion (Net income)	-	-	1.28%	-	-	25.12%	16.93%	59.44%
Dividend per Share ²	8.310	3.650	5.140	10.00	8.700	10.31	12.40	14.03
Announcement Date	25/02/20	22/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,272	1,488	1,639	1,684	1,867	1,940	2,050	1,670	1,859	1,562	2,165	2,831	1,675	1,889	2,914
EBITDA ¹	193.5	270.2	554.1	723.7	461.1	503.8	713.7	507.6	424.1	535.6	822.7	906.1	479.2	574	901
EBIT ¹	70.54	119.7	417.9	586.6	324.7	376	565.3	353.3	269	356.2	656.3	760.9	298.6	390.6	717
Operating Margin	5.54%	8.04%	25.49%	34.84%	17.39%	19.38%	27.58%	21.16%	14.47%	22.81%	30.31%	26.88%	17.82%	20.68%	24.61%
Earnings before Tax (EBT) ¹	158.1	-43.71	491.8	1,057	282.3	-140.7	586.4	-153	235.9	479.1	529.7	567.4	181.5	301.1	580.3
Net income ¹	131.3	-3.108	404.7	846.1	249.4	-155.1	467.5	-123	219	393.6	411.8	498.9	195.2	295.9	474.9
Net margin	10.32%	-0.21%	24.69%	50.25%	13.36%	-7.99%	22.8%	-7.36%	11.78%	25.2%	19.02%	17.62%	11.65%	15.66%	16.3%
EPS ²	2.220	-0.0500	6.850	14.29	4.210	-2.610	7.900	-2.070	3.700	6.620	6.722	8.532	3.525	5.000	8.037
Dividend per Share ²	-	5.140	-	5.140	-	4.860	-	-	-	-	-	8.700	-	-	-
Announcement Date	09/11/21	22/02/22	10/05/22	23/08/22	08/11/22	21/02/23	09/05/23	22/08/23	07/11/23	20/02/24	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,352	1,753	2,126	2,664	3,533	3,920	4,310	3,895
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.827 x	1.642 x	1.573 x	1.188 x	1.62 x	1.417 x	1.334 x	1.111 x
Free Cash Flow ¹	-3,565	-342	12.3	-52.7	-21.1	345	284	1,064
ROE (net income / shareholders' equity)	15.6%	5.43%	10.7%	13.6%	8.99%	12.1%	13.5%	13.4%
ROA (Net income/ Total Assets)	10.4%	3.52%	6.93%	7.13%	-	6.9%	7.2%	8%
Assets ¹	7,713	13,155	13,919	18,860	-	19,907	23,326	22,368
Book Value Per Share ²	165.0	148.0	158.0	176.0	184.0	198.0	213.0	237.0
Cash Flow per Share ²	20.10	8.020	19.00	20.30	17.30	31.80	35.10	51.70
Capex ¹	702	836	1,115	1,236	1,060	1,553	1,633	1,240
Capex / Sales	15.57%	17.81%	20.08%	17.33%	14.84%	18.3%	17.02%	11.08%
Announcement Date	25/02/20	22/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bakkafrost

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

408.3 DKK

Average target price

445.1 DKK

Spread / Average Target

+9.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Aquaculture

	1st Jan change	Capi.
BAKKAFROST	+21.62%	3.63B
EMPRESAS AQUACHILE S.A.	-.--%	1.03B
GRIEG SEAFOOD ASA	+3.00%	729M
RUSSIAN AQUACULTURE	-.--%	477M
BENCHMARK HOLDINGS PLC	+33.63%	408M
SHANDONG HOMEY AQUATIC DEVELOPMENT CO.,LTD.	-16.81%	400M
ICELANDIC SALMON	-3.45%	369M
MULTIEXPORT FOODS S.A.	+19.95%	343M
MÅSØVAL	+16.54%	338M
SALMON EVOLUTION ASA	+7.37%	272M

Aquaculture