BAKKA Stock Analysis: P/f Bakkafrost | OL
Farm Products | OL, Norway | Market Cap: 26.129m NOK | 12M Return: -3.9% | FO0000000179 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 54.6M
EPS Trend: -85.8%
Qual. Beats: -1
Rev. Trend: -36.9%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 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: 817.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.00 > 0.02 and ΔFCF/TA 0.06 > 1.0 |
| NWC/Revenue: 61.40% < 20% (prev 61.37%; Δ 0.03% < -1%) |
| CFO/TA 0.13 > 3% & CFO 2.44b > Net Income 817.6m |
| Net Debt (461.0m) to EBITDA (2.00b): 0.23 < 3 |
| Current Ratio: 5.78 > 1.5 & < 3 |
| Outstanding Shares: last quarter (59.3m) vs 12m ago -0.16% < -2% |
| Gross Margin: 67.91% > 18% (prev 71.02%; Δ -3.11% > 0.5%) |
| Asset Turnover: 40.81% > 50% (prev 37.11%; Δ 3.71% > 0%) |
| Interest Coverage Ratio: 11.29 > 6 (EBIT TTM 1.22b / Interest Expense TTM 107.9m) |
| A: 0.24 (Total Current Assets 5.55b - Total Current Liabilities 959.4m) / Total Assets 19.0b |
| B: 0.35 (Retained Earnings 6.67b / Total Assets 19.0b) |
| C: 0.07 (EBIT TTM 1.22b / Avg Total Assets 18.3b) |
| D: 1.36 (Book Value of Equity 11.0b / Total Liabilities 8.04b) |
| Altman-Z'' = 4.60 = AA |
| DSRI: 2.24 (Receivables 852.4m/333.3m, Revenue 7.47b/6.53b) |
| GMI: 1.05 (GM 71.02% / 67.91%) |
| AQI: 0.94 (AQ_t 0.29 / AQ_t-1 0.31) |
| SGI: 1.14 (Revenue 7.47b / 6.53b) |
| TATA: -0.09 (NI 817.6m - CFO 2.44b) / TA 19.0b) |
| Beneish M = -1.91 (Cap -4..+1) = B |
As of September 27, 2026, the stock is trading at NOK 450.00 with a total of 58,168 shares traded. Over the past week, the price has changed by +5.58%, over one month by -8.76%, over three months by +4.51% and over the past year by -3.91%.
Current recommended Stop Loss: 425.00 (which is 5.6% or 2.1 ATR below the current price).
P/f Bakkafrost has no consensus analysts rating.
Market Cap DKK = 18.1b (26.1b NOK * 0.6912 NOK.DKK)
P/E Trailing = 22.071
P/E Forward = 12.8041
P/S = 3.4967
P/B = 1.6754
P/EG = -2.18
Revenue TTM = 7.47b DKK
EBIT TTM = 1.22b DKK
EBITDA TTM = 2.00b DKK
Long Term Debt = 4.37b DKK (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 788.5m DKK (Leases only: 788.5m)
Net Debt = 461.0m DKK (calculated: Debt 788.5m - CCE 327.5m)
Enterprise Value = 18.5b DKK (18.1b + Debt 788.5m - CCE 327.5m)
Interest Coverage Ratio = 11.29 (Ebit TTM 1.22b / Interest Expense TTM 107.9m)
EV/FCF = -327.8x (Enterprise Value 18.5b / FCF TTM -56.5m)
FCF Yield = -0.31% (FCF TTM -56.5m / Enterprise Value 18.5b)
FCF Margin = -0.76% (FCF TTM -56.5m / Revenue TTM 7.47b)
Net Margin = 10.94% (Net Income TTM 817.6m / Revenue TTM 7.47b)
Gross Margin = 67.91% ((Revenue TTM 7.47b - Cost of Revenue TTM 2.40b) / Revenue TTM)
Gross Margin QoQ = 68.87% (prev 70.12%)
Tobins Q-Ratio = 0.97 (Enterprise Value 18.5b / Total Assets 19.0b)
Interest Expense / Debt = 13.68% (Interest Expense 107.9m / Debt 788.5m)
Taxrate = 21.56% (223.6m / 1.04b)
NOPAT = 955.4m (EBIT 1.22b * (1 - 21.56%))
Current Ratio = 5.78 (Total Current Assets 5.55b / Total Current Liabilities 959.4m)
Debt / Equity = 0.07 (Debt 788.5m / totalStockholderEquity, last quarter 11.0b)
Debt / EBITDA = 0.23 (Net Debt 461.0m / EBITDA 2.00b)
Debt / FCF = -8.16 (negative FCF - burning cash) (Net Debt 461.0m / FCF TTM -56.5m)
Total Stockholder Equity = 11.0b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.47% (Net Income 817.6m / Total Assets 19.0b)
RoE = 7.47% (Net Income TTM 817.6m / Total Stockholder Equity 11.0b)
RoCE = 7.95% (EBIT 1.22b / Capital Employed (Equity 11.0b + L.T.Debt 4.37b))
RoIC = 5.39% (NOPAT 955.4m / Invested Capital 17.7b)
WACC = 6.52% (E(18.1b)/V(18.8b) * Re(6.34%) + D(788.5m)/V(18.8b) * Rd(13.68%) * (1-Tc(0.22)))
Discount Rate = 6.34% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -51.55 | Cagr: -12.76%
[DCF] Fair Price = unknown (Cash Flow -56.5m)
EPS Correlation: -85.81 | EPS CAGR: -22.46% | SUE: -1.01 | # QB: -1
Revenue Correlation: -36.94 | Revenue CAGR: -2.20% | SUE: -0.81 | # QB: 0
EPS current Quarter (2026-09-30): EPS=2.74 | Chg30d=+2.50% | Revisions=-50% | Analysts=3
EPS current Year (2026-12-31): EPS=16.20 | Chg30d=-7.53% | Revisions=-50% | GrowthEPS=+134.7% | GrowthRev=+13.1%
EPS next Year (2027-12-31): EPS=23.05 | Chg30d=-3.19% | Revisions=-44% | GrowthEPS=+42.3% | GrowthRev=+23.5%
[Analyst] Revisions Ratio: -63% (up=2, down=14)