BAKKA Stock Analysis: P/f Bakkafrost | OL
Farm Products | OL, Norway | Market Cap: 25.999m NOK | 12M Return: 6.4% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 31.4M
EPS Trend: -90.8%
Qual. Beats: 0
Rev. Trend: -60.3%
Qual. Beats: -1
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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 (Faroe Islands). It operates across the full value chain, including fishmeal, fish oil and feed production, freshwater smolt operations, sea-based salmon farming, harvesting services, processing, and global sales, with activities split between the Faroe Islands and Scotland.
The company sells a wide range of fresh and frozen salmon products - whole fish, fillets, portions, smoked salmon, and various by-products - and serves customers in North America, Western Europe, Eastern Europe, and Asia. Beyond core salmon, Bakkafrost produces styrofoam packaging and converts organic processing waste into biogas, heating, electricity, and fertilizers, supporting its circular-economy approach.
As a player in the Packaged Foods & Meats sub-industry, Bakkafrost benefits from the broader trend of aquaculture substituting for wild-catch fisheries, with farmed Atlantic salmon now representing the majority of the global salmon supply. Vertical integration across breeding, feed, and farming is a common strategic approach in the sector, used to manage biological risks, control feed costs (a major expense), and safeguard supply consistency.
- Atlantic salmon spot prices drive farming segment margins
- Fish feed costs pressured by fishmeal and soybean prices
- Scotland operations turnaround key to group profitability
| 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 July 29, 2026, the stock is trading at NOK 446.40 with a total of 57,456 shares traded. Over the past week, the price has changed by -0.31%, over one month by +5.98%, over three months by +2.92% and over the past year by +6.37%.
Current recommended Stop Loss: 424.20 (which is 5% or 2 ATR below the current price).
P/f Bakkafrost has no consensus analysts rating.
Market Cap DKK = 17.8b (26.0b NOK * 0.6846 NOK.DKK)
P/E Trailing = 20.2959
P/E Forward = 19.084
P/S = 3.6002
P/B = 1.5348
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 = 18.3b DKK (17.8b + Debt 832.9m - CCE 370.1m)
Interest Coverage Ratio = 16.59 (Ebit TTM 1.28b / Interest Expense TTM 77.1m)
EV/FCF = -323.2x (Enterprise Value 18.3b / FCF TTM -56.5m)
FCF Yield = -0.31% (FCF TTM -56.5m / Enterprise Value 18.3b)
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 = 0.95 (Enterprise Value 18.3b / 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 = 6.30% (E(17.8b)/V(18.6b) * Re(6.26%) + D(832.9m)/V(18.6b) * Rd(9.25%) * (1-Tc(0.23)))
Discount Rate = 6.26% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -51.55 | Cagr: -12.76%
[DCF] Fair Price = unknown (Cash Flow -56.5m)
EPS Correlation: -90.83 | EPS CAGR: -24.42% | SUE: 0.18 | # QB: 0
Revenue Correlation: -60.27 | Revenue CAGR: -3.60% | SUE: -0.93 | # QB: -1
EPS current Quarter (2026-06-30): EPS=3.61 | Chg30d=-19.40% | Revisions=-40% | Analysts=3
EPS next Quarter (2026-09-30): EPS=3.25 | Chg30d=-11.63% | Revisions=-40% | Analysts=3
EPS current Year (2026-12-31): EPS=16.89 | Chg30d=-3.49% | Revisions=-40% | GrowthEPS=+144.8% | GrowthRev=+21.2%
EPS next Year (2027-12-31): EPS=25.25 | Chg30d=+0.03% | Revisions=-40% | GrowthEPS=+49.5% | GrowthRev=+15.2%
[Analyst] Revisions Ratio: -73% (up=0, down=8)