Bakkafrost BAKKA.OL
DenmarkConsumer Defensive · Farm ProductsEuronext Oslo Børs · NOK
481.97 NOK (+11.5%)
8 analysts
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Bakkafrost is an aquaculture company based in the Faroe Islands (Denmark) that farms, processes, and markets Atlantic salmon, with vertically integrated operations from genetics and feed to final sales.
Listed on Euronext Oslo Børs · Symbol BAKKA.OL · OB: BAKKA · Currency NOK
Key points
from its scores- ✓Favourable backdrop8.1
- ✓Strong growth7.8
- ✕Little competitive advantage3.2
- ✕Poor share-price trend4.4
- !Modest dividend5.0
AI analysis
bottom line, main risk, context and newsHold only if operating margin improvement is confirmed in the coming quarters; it is not the time to add positions until signs of profitability recovery appear.
Bakkafrost shows revenue growth of 15.90%, but its profitability is poor: operating margin of -10.47% and ROIC of -4.83%, reflecting cost or pricing issues in its salmon business. The balance sheet is stable (liquidity 5.78, DN/EBITDA 2.56), but free cash flow generation is negative, limiting its appeal despite a forward P/E of 13.0.
The main risk is the persistence of the negative operating margin (-10.47%) and negative free cash flow conversion (-3.98), indicating the business is not generating value despite revenue growth; exposure to aquaculture (diseases, feed costs, salmon prices) is the key factor to watch.
Context and risks
The company is domiciled in Denmark, a country with solid institutions and minority shareholder protection, which limits governance risk. The main risk is operational: its operating margin is negative, indicating profitability issues in its core aquaculture business, although its balance sheet shows high liquidity (5.78) and moderate leverage (DN/EBITDA 2.56).
Is Bakkafrost stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades in line with the Consumer Defensive median (within 15%).
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 20.5 | 19.8 | +4% |
| EV / EBITDA | 12.0 | 10.8 | +11% |
| Price / book | 1.6 | 2.7 | −41% |
| Price / sales | 2.4 | 1.2 | +94% |
Sector: median of the 124 Consumer Defensive companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.2 out of 10 (median for Consumer Defensive: 6.3).
Average analyst target: 481.97 NOK, +11.5% versus the price.
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Consumer Defensive medianValuation
- P/E
- 20.5
- Forward P/E
- 13.0
- EV / EBITDA
- 12.0
- Price / book
- 1.6
- Price / sales
- 2.4
- Market cap
- 25.6B NOK
- Enterprise value
- 22.7B DKK
Profitability
- ROE
- 7.6%
- ROA
- 4.1%
- ROIC (approx.)
- −4.8%
- Gross margin
- 69.4%
- Operating margin
- −10.5%
- Net margin
- 10.9%
- Free cash flow
- −74.9M DKK
- FCF yield
- −0.4%
- Cash conversion
- −4%
Solvency
- Total debt
- 5.2B DKK
- Net debt
- 4.8B DKK
- Cash
- 327.5M DKK
- EBITDA
- 1.9B DKK
- Net debt / EBITDA
- 2.56
- Debt / equity
- 47.03
- Current ratio
- 5.78
- Quick ratio
- 1.42
Growth
- Revenue growth
- +15.9%
- EPS (TTM)
- 21.08 NOK
- EPS (forward)
- 33.27 NOK
Dividend
- Dividend yield
- 1.2%
- Payout
- 23.8%
Risk and market
- Beta
- 0.55
- Analyst consensus
- Buy (8)
- Target price
- 481.97 NOK
- 52-week range
- 390.80 – 526.00
Recent news
All BAKKA.OL news →Compare it with its sector
All 124 in Consumer Defensive →Frequently asked questions about Bakkafrost
Is Bakkafrost stock cheap or expensive?
On P/E and EV / EBITDA, it trades in line with the Consumer Defensive median (within 15%). Valuation score: 5.2 out of 10 (median for Consumer Defensive: 6.3). Average analyst target: 481.97 NOK, +11.5% versus the price. This is not investment advice.
What score does Bakkafrost get on MeridIAn Screener?
It scores 5.4 out of 10, rank 1,456 of 2,130 (better than 29% of the companies analysed). Its strongest category is Risk & Context (8.1) and its weakest, Quality / Moat (3.2). Analysis of 08/10/2026.
What is Bakkafrost's P/E ratio?
Its P/E is 20.5: the share price equals 20.5 times earnings per share over the last 12 months. The Consumer Defensive median is 19.8. Based on the earnings analysts expect, the forward P/E is 13.0.
How much is Bakkafrost worth on the stock market?
Its market capitalisation is 25.6B NOK and its enterprise value, debt included, is 22.7B NOK.
How much debt does Bakkafrost have?
Its net debt (debt minus cash) is 4.8B DKK. That is 2.56 times its EBITDA; the Consumer Defensive median is 2.38.
Does Bakkafrost pay a dividend?
Yes: its dividend yield is 1.17% and it pays out 24% of its earnings.
How has Bakkafrost stock performed over the last year?
It has fallen 8.1% over the last year, excluding dividends. Over the last 52 weeks it has traded between 390.80 and 526.00 NOK. Past performance does not guarantee future results.
What do analysts think of Bakkafrost?
8 analysts cover it; their average recommendation is “Buy” and their average target is 481.97 NOK (+11.5% versus the price). It is an estimate, not market data.