Financials Orkla LIQUIDNET SYSTEMS

Equities

NO0003733800

Food Processing

Delayed LIQUIDNET SYSTEMS Other stock markets 12:35:53 28/07/2017 pm IST			5-day change	1st Jan Change
81 ^NOK	-4.71%		-.--%	-.--%

25/06	Orkla Issues NOK500 Million Commercial Paper	MT
21/06	Orkla Offers NOK500 Million Commercial Paper	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,987	87,081	88,000	70,737	78,651	86,548	-	-
Enterprise Value (EV) ¹	95,904	93,891	1,01,207	88,337	98,434	1,06,396	1,04,902	1,03,171
P/E ratio	23.2 x	19.9 x	18.3 x	14.1 x	15.1 x	15.1 x	14 x	13 x
Yield	2.92%	3.16%	3.4%	4.23%	3.81%	3.89%	3.95%	4.13%
Capitalization / Revenue	2.04 x	1.85 x	1.74 x	1.21 x	1.16 x	1.24 x	1.21 x	1.18 x
EV / Revenue	2.2 x	1.99 x	2.01 x	1.51 x	1.45 x	1.52 x	1.47 x	1.4 x
EV / EBITDA	14 x	12.6 x	12.3 x	9.14 x	10.3 x	10.6 x	10 x	9.47 x
EV / FCF	26.3 x	23.5 x	27 x	36 x	22.7 x	18.6 x	24.6 x	22.2 x
FCF Yield	3.81%	4.25%	3.7%	2.78%	4.4%	5.38%	4.06%	4.5%
Price to Book	2.58 x	2.34 x	2.29 x	1.7 x	1.74 x	1.78 x	1.71 x	1.55 x
Nbr of stocks (in thousands)	10,00,306	10,00,929	9,95,929	9,97,144	9,97,605	9,97,667	-	-
Reference price ²	88.96	87.00	88.36	70.94	78.84	86.75	86.75	86.75
Announcement Date	06/02/20	11/02/21	10/02/22	14/02/23	08/02/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	43,615	47,137	50,441	58,391	67,797	69,802	71,594	73,551
EBITDA ¹	6,831	7,436	8,232	9,668	9,578	10,053	10,495	10,895
EBIT ¹	4,527	4,562	5,730	6,897	6,234	7,122	7,594	7,959
Operating Margin	10.38%	9.68%	11.36%	11.81%	9.2%	10.2%	10.61%	10.82%
Earnings before Tax (EBT) ¹	4,931	5,348	6,366	7,345	6,966	7,746	8,425	9,013
Net income ¹	3,838	4,371	4,808	5,019	5,196	5,750	6,204	6,651
Net margin	8.8%	9.27%	9.53%	8.6%	7.66%	8.24%	8.67%	9.04%
EPS ²	3.840	4.370	4.820	5.040	5.210	5.762	6.218	6.665
Free Cash Flow ¹	3,653	3,991	3,747	2,453	4,328	5,726	4,256	4,640
FCF margin	8.38%	8.47%	7.43%	4.2%	6.38%	8.2%	5.94%	6.31%
FCF Conversion (EBITDA)	53.48%	53.67%	45.52%	25.37%	45.19%	56.95%	40.55%	42.59%
FCF Conversion (Net income)	95.18%	91.31%	77.93%	48.87%	83.29%	99.57%	68.6%	69.77%
Dividend per Share ²	2.600	2.750	3.000	3.000	3.000	3.378	3.430	3.585
Announcement Date	06/02/20	11/02/21	10/02/22	14/02/23	08/02/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	22,897	24,531	23,275	14,027	27,166	13,271	14,300	27,562	14,752	16,077	30,829	15,755	17,087	33,275	16,783	17,739	34,522	17,107	17,440	34,713	17,045	18,110	36,075	17,809	18,071
EBITDA ¹	3,854	3,312	3,272	2,444	4,699	2,063	2,295	4,358	2,734	2,536	5,310	2,222	2,427	4,649	2,558	2,371	4,929	2,432	2,423	4,940	2,607	2,418	5,197	2,659	2,619
EBIT ¹	2,556	2,555	2,301	1,783	3,429	1,370	1,703	3,073	2,122	1,702	3,824	1,554	1,584	3,138	1,830	1,266	3,096	1,733	1,699	3,543	1,891	1,730	3,785	1,898	1,858
Operating Margin	11.16%	10.42%	9.89%	12.71%	12.62%	10.32%	11.91%	11.15%	14.38%	10.59%	12.4%	9.86%	9.27%	9.43%	10.9%	7.14%	8.97%	10.13%	9.74%	10.21%	11.1%	9.55%	10.49%	10.66%	10.28%
Earnings before Tax (EBT) ¹	2,763	-	-	1,841	-	1,544	1,854	-	2,245	1,702	-	1,736	1,842	-	2,048	1,340	-	1,870	1,928	-	2,090	1,889	-	2,145	2,124
Net income ¹	2,198	-	-	1,314	-	1,082	1,277	-	1,560	1,220	-	1,276	1,372	-	1,551	997	-	1,469	1,412	-	1,529	1,368	-	1,624	1,596
Net margin	9.6%	-	-	9.37%	-	8.15%	8.93%	-	10.57%	7.59%	-	8.1%	8.03%	-	9.24%	5.62%	-	8.59%	8.1%	-	8.97%	7.55%	-	9.12%	8.83%
EPS ²	2.560	-	-	1.320	-	1.090	1.280	-	1.500	1.160	-	1.280	1.380	-	1.560	1.000	-	1.470	1.407	-	1.534	1.366	-	1.620	1.590
Dividend per Share ²	-	-	-	3.000	-	-	-	-	-	3.000	-	-	-	-	-	3.000	-	-	0.9375	-	0.9375	2.119	-	0.9844	0.9844
Announcement Date	06/02/20	11/02/21	15/07/21	10/02/22	10/02/22	05/05/22	14/07/22	14/07/22	27/10/22	14/02/23	14/02/23	08/05/23	14/07/23	14/07/23	26/10/23	08/02/24	08/02/24	03/05/24	-	-	-	-	-	-	-

¹NOK in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,917	6,810	13,207	17,600	19,783	19,848	18,354	16,623
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.013 x	0.9158 x	1.604 x	1.82 x	2.065 x	1.974 x	1.749 x	1.526 x
Free Cash Flow ¹	3,653	3,991	3,747	2,453	4,328	5,726	4,256	4,640
ROE (net income / shareholders' equity)	11.3%	12.2%	13.6%	13.6%	13.3%	12.7%	13.2%	13.2%
ROA (Net income/ Total Assets)	6.9%	7.26%	7.72%	7.2%	6.9%	6.67%	7.13%	7.51%
Assets ¹	55,602	60,210	62,266	69,689	75,325	86,188	87,052	88,582
Book Value Per Share ²	34.40	37.20	38.60	41.80	45.40	48.70	50.70	56.00
Cash Flow per Share	6.120	6.590	-	-	-	-	-	-
Capex ¹	2,468	2,607	2,606	2,777	2,921	2,733	3,014	2,951
Capex / Sales	5.66%	5.53%	5.17%	4.76%	4.31%	3.91%	4.21%	4.01%
Announcement Date	06/02/20	11/02/21	10/02/22	14/02/23	08/02/24	-	-	-

¹NOK in Million²NOK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Orkla

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

86.75 NOK

Average target price

86.43 NOK

Spread / Average Target

-0.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Frozen Food Manufacturing

	1st Jan change	Capi.
ANJOY FOODS GROUP CO., LTD.	-28.96%	2.99B
NOMAD FOODS LIMITED	-2.77%	2.69B
SANQUAN FOOD CO., LTD.	-18.06%	1.33B
LOTTE WELLFOOD CO.,LTD	+48.14%	1.18B
BINGGRAE CO., LTD.	+78.24%	626M
FROSTA AG	+7.37%	489M
CUISINE SOLUTIONS, INC.	+8.16%	423M
ZHENGZHOU QIANWEIYANGCHU FOOD CO., LTD.	-46.47%	386M
VADILAL INDUSTRIES LIMITED	+67.83%	366M

Frozen Food Manufacturing