SalMar ASA

OB:SALM Stock Report

Market Cap: NOK 72.9b

SalMar Valuation

Is SALM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of SALM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: SALM (NOK538) is trading below our estimate of future cash flow value (NOK1761.25)

Significantly Below Future Cash Flow Value: SALM is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SALM?

Key metric: As SALM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SALM. This is calculated by dividing SALM's market cap by their current earnings.
What is SALM's PE Ratio?
PE Ratio35.9x
EarningsNOK 2.03b
Market CapNOK 72.92b

Price to Earnings Ratio vs Peers

How does SALM's PE Ratio compare to its peers?

The above table shows the PE ratio for SALM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.6x
ORK Orkla
15.3x3.46%NOK 97.4b
MOWI Mowi
11.1x5.51%NOK 103.0b
LSG Lerøy Seafood Group
23.9x35.68%NOK 24.2b
BAKKA P/F Bakkafrost
20.2x27.61%NOK 25.1b
SALM SalMar
35.9x34.67%NOK 72.9b

Price-To-Earnings vs Peers: SALM is expensive based on its Price-To-Earnings Ratio (35.9x) compared to the peer average (17.6x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does SALM's PE Ratio compare vs other companies in the European Food Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SALM 35.9xIndustry Avg. 16.4xNo. of Companies19PE01020304050+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SALM is expensive based on its Price-To-Earnings Ratio (35.9x) compared to the European Food industry average (16.4x).

Price to Earnings Ratio vs Fair Ratio

What is SALM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SALM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio35.9x
Fair PE Ratio27.3x

Price-To-Earnings vs Fair Ratio: SALM is expensive based on its Price-To-Earnings Ratio (35.9x) compared to the estimated Fair Price-To-Earnings Ratio (27.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SALM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 538.00
NOK 605.55
+12.55%
8.19%NOK 676.00NOK 500.00n/a11
Jun ’27NOK 569.00
NOK 605.55
+6.42%
8.19%NOK 676.00NOK 500.00n/a11
May ’27NOK 559.00
NOK 600.73
+7.46%
7.69%NOK 658.00NOK 500.00n/a11
Apr ’27NOK 578.00
NOK 603.80
+4.46%
8.18%NOK 680.00NOK 500.00n/a10
Mar ’27NOK 569.00
NOK 600.80
+5.59%
8.39%NOK 680.00NOK 500.00n/a10
Feb ’27NOK 573.00
NOK 594.50
+3.75%
9.49%NOK 680.00NOK 500.00n/a10
Jan ’27NOK 617.50
NOK 613.75
-0.61%
9.29%NOK 700.00NOK 500.00n/a8
Dec ’26NOK 585.00
NOK 605.00
+3.42%
10.49%NOK 700.00NOK 500.00n/a8
Nov ’26NOK 569.50
NOK 592.50
+4.04%
11.31%NOK 700.00NOK 500.00n/a8
Oct ’26NOK 550.50
NOK 538.57
-2.17%
9.75%NOK 650.00NOK 480.00n/a7
Sep ’26NOK 515.00
NOK 527.14
+2.36%
12.20%NOK 650.00NOK 420.00n/a7
Aug ’26NOK 420.40
NOK 544.38
+29.49%
11.76%NOK 650.00NOK 420.00n/a8
Jul ’26NOK 432.40
NOK 544.38
+25.90%
11.76%NOK 650.00NOK 420.00n/a8
Jun ’26NOK 455.00
NOK 565.11
+24.20%
12.50%NOK 650.00NOK 430.00NOK 569.009
May ’26NOK 512.50
NOK 603.13
+17.68%
14.31%NOK 753.00NOK 430.00NOK 559.008
Apr ’26NOK 500.50
NOK 629.50
+25.77%
9.24%NOK 700.00NOK 530.00NOK 578.008
Mar ’26NOK 557.00
NOK 632.00
+13.46%
8.12%NOK 700.00NOK 561.00NOK 569.008
Feb ’26NOK 599.50
NOK 628.00
+4.75%
9.71%NOK 714.00NOK 525.00NOK 573.008
Jan ’26NOK 540.50
NOK 626.88
+15.98%
9.49%NOK 705.00NOK 525.00NOK 617.508
Dec ’25NOK 574.00
NOK 620.00
+8.01%
10.81%NOK 705.00NOK 520.00NOK 585.008
Nov ’25NOK 542.50
NOK 637.38
+17.49%
12.11%NOK 740.00NOK 520.00NOK 569.508
Oct ’25NOK 561.50
NOK 652.63
+16.23%
12.07%NOK 760.00NOK 520.00NOK 550.508
Sep ’25NOK 551.00
NOK 678.00
+23.05%
9.16%NOK 760.00NOK 556.00NOK 515.008
Aug ’25NOK 623.50
NOK 677.00
+8.58%
8.29%NOK 760.00NOK 580.00NOK 420.409
Jul ’25NOK 554.00
NOK 685.00
+23.65%
9.10%NOK 770.00NOK 580.00NOK 432.409
Jun ’25NOK 638.50
NOK 698.89
+9.46%
8.81%NOK 820.00NOK 630.00NOK 455.009
NOK 605.55
Fair Value
11.2% undervalued intrinsic discount
11
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/12 23:28
End of Day Share Price 2026/06/12 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

SalMar ASA is covered by 15 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Alexander SloaneBarclays
Setu ShardaBarclays