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Grieg Seafood

OB:GSF
Snowflake Description

Very undervalued with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GSF
OB
NOK12B
Market Cap
  1. Home
  2. NO
  3. Food, Beverage & Tobacco
Company description

Grieg Seafood ASA, through its subsidiaries, operates as a fish farming company. The last earnings update was 24 days ago. More info.


Add to Portfolio Compare Print
GSF Share Price and Events
7 Day Returns
-1.4%
OB:GSF
-4.8%
NO Food
2.6%
NO Market
1 Year Returns
5.9%
OB:GSF
3.4%
NO Food
-9.1%
NO Market
GSF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Grieg Seafood (GSF) -1.4% -13.3% -10.4% 5.9% 100.4% 321.3%
NO Food -4.8% -6.4% 1.7% 3.4% 41.6% 115.5%
NO Market 2.6% 8% 2.6% -9.1% 31.3% 13.2%
1 Year Return vs Industry and Market
  • GSF outperformed the Food industry which returned 3.4% over the past year.
  • GSF outperformed the Market in Norway which returned -9.1% over the past year.
Price Volatility
GSF
Industry
5yr Volatility vs Market

Value

 Is Grieg Seafood undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Grieg Seafood to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Grieg Seafood.

OB:GSF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year NO Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:GSF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.546 (1 + (1- 23%) (22.87%))
0.76
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (0.8 * 5.96%)
6.53%

Discounted Cash Flow Calculation for OB:GSF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Grieg Seafood is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

OB:GSF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 6.53%)
2020 1,011.75 Analyst x4 949.75
2021 1,200.00 Analyst x4 1,057.44
2022 1,337.97 Est @ 11.5% 1,106.76
2023 1,452.71 Est @ 8.58% 1,128.04
2024 1,547.59 Est @ 6.53% 1,128.07
2025 1,626.51 Est @ 5.1% 1,112.95
2026 1,693.17 Est @ 4.1% 1,087.56
2027 1,750.68 Est @ 3.4% 1,055.59
2028 1,801.54 Est @ 2.91% 1,019.70
2029 1,847.70 Est @ 2.56% 981.73
Present value of next 10 years cash flows NOK10,627.00
OB:GSF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NOK1,847.70 × (1 + 1.76%) ÷ (6.53% – 1.76%)
NOK39,434.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK39,434.06 ÷ (1 + 6.53%)10
NOK20,952.40
OB:GSF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK10,627.00 + NOK20,952.40
NOK31,579.40
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK31,579.40 / 110.43
NOK285.96
OB:GSF Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK285.96
Current discount Discount to share price of NOK108.70
= -1 x (NOK108.70 - NOK285.96) / NOK285.96
62%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Grieg Seafood is available for.
Intrinsic value
>50%
Share price is NOK108.7 vs Future cash flow value of NOK285.96
Current Discount Checks
For Grieg Seafood to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Grieg Seafood's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Grieg Seafood's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Grieg Seafood's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Grieg Seafood's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:GSF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK8.87
OB:GSF Share Price ** OB (2019-09-13) in NOK NOK108.7
Norway Food Industry PE Ratio Median Figure of 9 Publicly-Listed Food Companies 15.79x
Norway Market PE Ratio Median Figure of 149 Publicly-Listed Companies 13.32x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Grieg Seafood.

OB:GSF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:GSF Share Price ÷ EPS (both in NOK)

= 108.7 ÷ 8.87

12.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Grieg Seafood is good value based on earnings compared to the NO Food industry average.
  • Grieg Seafood is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Grieg Seafood's expected growth come at a high price?
Raw Data
OB:GSF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
23.4%per year
Norway Food Industry PEG Ratio Median Figure of 9 Publicly-Listed Food Companies 0.94x
Norway Market PEG Ratio Median Figure of 110 Publicly-Listed Companies 0.72x

*Line of best fit is calculated by linear regression .

OB:GSF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.26x ÷ 23.4%

0.52x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Grieg Seafood is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Grieg Seafood's assets?
Raw Data
OB:GSF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK36.33
OB:GSF Share Price * OB (2019-09-13) in NOK NOK108.7
Norway Food Industry PB Ratio Median Figure of 11 Publicly-Listed Food Companies 3.57x
Norway Market PB Ratio Median Figure of 238 Publicly-Listed Companies 1.13x
OB:GSF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:GSF Share Price ÷ Book Value per Share (both in NOK)

= 108.7 ÷ 36.33

2.99x

* Primary Listing of Grieg Seafood.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Grieg Seafood is good value based on assets compared to the NO Food industry average.
X
Value checks
We assess Grieg Seafood's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. Grieg Seafood has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Grieg Seafood expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
23.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Grieg Seafood expected to grow at an attractive rate?
  • Grieg Seafood's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Grieg Seafood's earnings growth is expected to exceed the Norway market average.
  • Grieg Seafood's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:GSF Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:GSF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 23.4%
OB:GSF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 9.4%
Norway Food Industry Earnings Growth Rate Market Cap Weighted Average 13%
Norway Food Industry Revenue Growth Rate Market Cap Weighted Average 6.1%
Norway Market Earnings Growth Rate Market Cap Weighted Average 15.1%
Norway Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:GSF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:GSF Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 11,183 1,859 1
2021-12-31 9,716 1,762 1,516 5
2020-12-31 9,522 1,621 1,399 6
2019-12-31 8,171 1,104 838 6
2019-09-14
OB:GSF Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 7,619 1,056 978
2019-03-31 7,686 1,170 1,002
2018-12-31 7,531 820 973
2018-09-30 7,085 847 820
2018-06-30 7,355 737 782
2018-03-31 7,087 522 860
2017-12-31 7,017 709 571
2017-09-30 7,372 1,260 902
2017-06-30 7,074 973 891
2017-03-31 6,720 879 940
2016-12-31 6,564 953 1,186
2016-09-30 5,667 430 788

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Grieg Seafood's earnings are expected to grow significantly at over 20% yearly.
  • Grieg Seafood's revenue is expected to grow by 9.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:GSF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Grieg Seafood Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:GSF Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 16.65 16.65 16.65 1.00
2021-12-31 13.61 15.70 11.73 5.00
2020-12-31 12.56 14.68 9.72 6.00
2019-12-31 7.52 8.44 6.79 5.00
2019-09-14
OB:GSF Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 8.87
2019-03-31 9.08
2018-12-31 8.81
2018-09-30 7.43
2018-06-30 7.07
2018-03-31 7.78
2017-12-31 5.17
2017-09-30 8.16
2017-06-30 8.07
2017-03-31 8.52
2016-12-31 10.74
2016-09-30 7.13

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Grieg Seafood is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Grieg Seafood's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Grieg Seafood has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Grieg Seafood performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Grieg Seafood's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Grieg Seafood has delivered over 20% year on year earnings growth in the past 5 years.
  • Grieg Seafood's 1-year earnings growth is less than its 5-year average (25.1% vs 36.6%)
  • Grieg Seafood's earnings growth has exceeded the NO Food industry average in the past year (25.1% vs 3.8%).
Earnings and Revenue History
Grieg Seafood's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Grieg Seafood Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:GSF Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 7,619.21 978.38 675.54
2019-03-31 7,686.05 1,002.12 659.02
2018-12-31 7,531.47 972.51 647.81
2018-09-30 7,084.72 820.14 645.58
2018-06-30 7,354.73 782.23 629.69
2018-03-31 7,087.49 859.77 616.81
2017-12-31 7,016.61 570.54 599.74
2017-09-30 7,371.65 901.56 544.70
2017-06-30 7,073.69 890.54 549.22
2017-03-31 6,719.67 939.50 546.04
2016-12-31 6,563.78 1,186.03 550.54
2016-09-30 5,666.67 787.67 523.85
2016-06-30 5,356.58 621.84 504.45
2016-03-31 4,834.53 228.99 487.55
2015-12-31 4,591.64 -6.63 464.98
2015-09-30 4,403.65 55.51 435.92
2015-06-30 4,112.92 -18.85 424.84
2015-03-31 4,093.97 26.44 422.46
2014-12-31 4,094.37 138.81 402.35
2014-09-30 3,798.09 145.21 382.29
2014-06-30 3,416.47 266.05 362.94
2014-03-31 2,911.02 411.17 347.01
2013-12-31 2,404.22 430.99 336.09
2013-09-30 2,283.05 183.83 311.31
2013-06-30 2,133.05 18.90 304.99
2013-03-31 2,026.90 -71.99 300.76
2012-12-31 2,050.07 -147.19 296.06
2012-09-30 1,997.36 -72.71 263.68

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Grieg Seafood has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Grieg Seafood used its assets more efficiently than the NO Food industry average last year based on Return on Assets.
  • Grieg Seafood's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Grieg Seafood's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Grieg Seafood has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Grieg Seafood's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Grieg Seafood's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Grieg Seafood is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Grieg Seafood's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Grieg Seafood's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Grieg Seafood Company Filings, last reported 2 months ago.

OB:GSF Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 4,053.41 2,341.16 178.71
2019-03-31 4,156.39 2,493.68 312.55
2018-12-31 3,883.51 2,039.84 138.78
2018-09-30 3,695.97 2,016.24 204.19
2018-06-30 3,453.43 2,360.05 198.54
2018-03-31 3,523.62 2,329.71 225.17
2017-12-31 3,347.91 1,810.96 271.72
2017-09-30 3,216.11 1,794.33 341.61
2017-06-30 3,026.60 2,189.45 454.71
2017-03-31 3,146.27 1,734.95 224.94
2016-12-31 3,206.95 1,602.13 503.61
2016-09-30 2,742.27 1,910.40 199.47
2016-06-30 2,602.49 2,118.84 370.73
2016-03-31 2,397.72 2,197.37 368.91
2015-12-31 2,237.51 1,994.39 392.02
2015-09-30 2,079.31 2,070.11 309.34
2015-06-30 2,055.60 2,071.28 240.49
2015-03-31 2,199.85 1,997.10 201.22
2014-12-31 2,241.45 1,683.59 181.50
2014-09-30 1,934.69 1,503.53 123.51
2014-06-30 2,000.60 1,525.15 206.55
2014-03-31 2,024.13 1,669.64 273.49
2013-12-31 1,988.56 1,420.91 163.91
2013-09-30 1,768.07 1,535.99 227.34
2013-06-30 1,693.47 1,665.30 289.34
2013-03-31 1,591.97 1,701.99 221.31
2012-12-31 1,513.23 1,599.04 239.89
2012-09-30 1,565.08 1,520.03 119.56
  • Grieg Seafood's level of debt (57.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (63.6% vs 57.8% today).
  • Debt is well covered by operating cash flow (45.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 56.1x coverage).
X
Financial health checks
We assess Grieg Seafood's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Grieg Seafood has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Grieg Seafood's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.68%
Current annual income from Grieg Seafood dividends. Estimated to be 5.74% next year.
If you bought NOK2,000 of Grieg Seafood shares you are expected to receive NOK74 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Grieg Seafood's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.49%).
  • Grieg Seafood's dividend is below the markets top 25% of dividend payers in Norway (6.47%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:GSF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Norway Food Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 4.2%
Norway Market Average Dividend Yield Market Cap Weighted Average of 115 Stocks 4.5%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.5%
Norway Bottom 25% Dividend Yield 25th Percentile 2.5%
Norway Top 25% Dividend Yield 75th Percentile 6.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:GSF Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 10.00 1.00
2021-12-31 7.20 5.00
2020-12-31 6.33 6.00
2019-12-31 4.73 6.00
2019-09-14
OB:GSF Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-04-11 4.000 3.396
2018-11-07 4.000 3.630
2018-04-17 2.000 2.080
2017-04-03 3.000 4.249
2016-04-29 1.500 2.424
2016-02-18 1.500 3.883
2015-04-30 0.500 1.751
2015-02-19 0.500 1.912
2012-11-02 0.000 0.000
2012-08-16 0.000 0.000
2012-05-16 0.000 0.000
2012-04-26 0.000 0.000
2012-02-15 0.000 0.000
2011-04-04 1.350 20.057
2010-05-10 0.250 1.387

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Grieg Seafood has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Grieg Seafood only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Grieg Seafood's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Grieg Seafood's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Grieg Seafood afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Grieg Seafood has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Grieg Seafood's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andreas Kvame
COMPENSATION NOK6,316,000
AGE 56
TENURE AS CEO 4.3 years
CEO Bio

Mr. Andreas Kvame has been Chief Executive Officer at Grieg Seafood ASA since June 1, 2015. Mr. Kvame served as Managing Director for Scanbio AS and knows the salmon farming industry very well after 17 years in different management positions in Marine Harvest and the Hydro Seafood. He was employed by Gilde Agro from 1983 to 1995, 3 years as Operating Manager for the processing plants at Forus and Egersund. He is educated within agriculture, as well as having additional education within business administration management. He started in Marine Harvest as Manager of the processing plant Ryfisk at Hjelmeland and since 2001, he was a Director in Marine Harvest Norway, with full responsibility for sales and processing, logistics and planning. Since 2003, he has held several positions in Marine Harvest Europe as Director until 2013. He was member of the Marine Harvest Europe management team.

CEO Compensation
  • Andreas's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Andreas's remuneration is about average for companies of similar size in Norway.
Management Team Tenure

Average tenure of the Grieg Seafood management team in years:

5
Average Tenure
  • The tenure for the Grieg Seafood management team is about average.
Management Team

Andreas Kvame

TITLE
Chief Executive Officer
COMPENSATION
NOK6M
AGE
56
TENURE
4.3 yrs

Atle Sandtorv

TITLE
Chief Financial Officer
COMPENSATION
NOK4M
AGE
52
TENURE
9.8 yrs

Kathleen Mathisen

TITLE
Chief Human Resources Officer
COMPENSATION
NOK4M
TENURE
3.3 yrs

Knut Utheim

TITLE
Chief Operating Officer of Farming
COMPENSATION
NOK4M
TENURE
5.7 yrs

Kristina Furnes

TITLE
Group Communication Manager
TENURE
0.7 yrs

Trond Kathenes

TITLE
Chief Digital Officer
TENURE
8.7 yrs
Board of Directors Tenure

Average tenure and age of the Grieg Seafood board of directors in years:

3.8
Average Tenure
60
Average Age
  • The tenure for the Grieg Seafood board of directors is about average.
Board of Directors

Per Grieg

TITLE
Chairman of the Board
AGE
61
TENURE
10.7 yrs

Asbjørn Reinkind

TITLE
Vice Chairman
AGE
59
TENURE
8.7 yrs

Karin Orgland

TITLE
Director
AGE
60
TENURE
6.3 yrs

Solveig Magdelene Nygaard

TITLE
Director
TENURE
1.3 yrs

Tore Holand

TITLE
Director
TENURE
1.3 yrs

Sirine Fodstad

TITLE
Board Member
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
15. May 19 Buy Grant Cumming Individual 15. May 19 15. May 19 3,858 NOK106.77 NOK411,919
15. May 19 Buy Marvin Boschman Individual 15. May 19 15. May 19 3,029 NOK106.77 NOK323,406
19. Mar 19 Buy Kathleen Mathisen Individual 19. Mar 19 19. Mar 19 4,080 NOK107.56 NOK438,845
04. Dec 18 Buy Grieg Maturitas AS Company 04. Dec 18 04. Dec 18 217,390 NOK115.10 NOK25,021,589
05. Dec 18 Buy Grant Cumming Individual 05. Dec 18 05. Dec 18 3,130 NOK116.15 NOK363,550
05. Dec 18 Buy Marvin Boschman Individual 05. Dec 18 05. Dec 18 3,260 NOK116.15 NOK378,649
21. Nov 18 Buy May-Iren Hansen Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Grant Cumming Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Marvin Boschman Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Andreas Kvame Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Trude Østvedt Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Knut Utheim Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Roy-Tore Rikardsen Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Atle Sandtorv Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Alexander Knudsen Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
21. Nov 18 Buy Kathleen Mathisen Individual 07. Nov 18 20. Nov 18 165 NOK121.56 NOK20,057
20. Nov 18 Buy Kathleen Mathisen Individual 20. Nov 18 20. Nov 18 3,291 NOK115.80 NOK381,091
X
Management checks
We assess Grieg Seafood's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Grieg Seafood has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Grieg Seafood ASA's (OB:GSF) Stock Available For A Good Price After Accounting For Growth?

Looking at Grieg Seafood ASA’s (OB:GSF) fundamentals some investors are wondering if its last closing price of NOK110.7 represents a good value for money for this high growth stock. … But, seeing as Grieg Seafood is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio. … A PE ratio of 12.48x and expected year-on-year earnings growth of 23% give Grieg Seafood a very low PEG ratio of 0.55x.

Simply Wall St -

Grieg Seafood ASA (OB:GSF) Delivered A Better ROE Than Its Industry

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Grieg Seafood: 25% = kr978m ÷ kr4.1b (Based on the trailing twelve months to June 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Grieg Seafood Have A Good Return On Equity? … Combining Grieg Seafood's Debt And Its 25% Return On Equity Grieg Seafood has a debt to equity ratio of 0.58, which is far from excessive.

Simply Wall St -

Introducing Grieg Seafood (OB:GSF), The Stock That Soared 404% In The Last Five Years

For example, the Grieg Seafood ASA (OB:GSF) share price is up a whopping 404% in the last half decade, a handsome return for long term holders. … Over half a decade, Grieg Seafood managed to grow its earnings per share at 20% a year. … This EPS growth is slower than the share price growth of 38% per year, over the same period.

Simply Wall St -

Here's Why I Think Grieg Seafood (OB:GSF) Is An Interesting Stock

It's good to see that Grieg Seafood's EPS have grown from kr7.78 to kr9.08 over twelve months. … It's good to see Grieg Seafood insiders walking the walk, by spending kr2.5m on shares in just twelve months. … Of course, just because Grieg Seafood is growing does not mean it is undervalued.

Simply Wall St -

Here's Why Grieg Seafood (OB:GSF) Can Manage Its Debt Responsibly

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. … OB:GSF Historical Debt, July 29th 2019 A Look At Grieg Seafood's Liabilities We can see from the most recent balance sheet that Grieg Seafood had liabilities of øre1.70b falling due within a year, and liabilities of øre3.11b due beyond that. … Looking at the most recent three years, Grieg Seafood recorded free cash flow of 25% of its EBIT, which is weaker than we'd expect.

Simply Wall St -

Is Grieg Seafood ASA (OB:GSF) An Attractive Dividend Stock?

Looking at the last decade of data, we can see that Grieg Seafood paid its first dividend at least nine years ago. … It's good to see Grieg Seafood has been growing its earnings per share at 18% a year over the past 5 years. … Conclusion To summarise, shareholders should always check that Grieg Seafood's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.

Simply Wall St -

Should You Consider Grieg Seafood ASA (OB:GSF)?

I've been keeping an eye on Grieg Seafood ASA (OB:GSF) because I'm attracted to its fundamentals. … OB:GSF Past and Future Earnings, June 20th 2019 GSF is financially robust, with ample cash on hand and short-term investments to meet upcoming liabilities. … OB:GSF Historical Debt, June 20th 2019 Next Steps: For Grieg Seafood, I've compiled three pertinent aspects you should further research: Historical Performance: What has GSF's returns been like over the past?

Simply Wall St -

Should You Take Comfort From Insider Transactions At Grieg Seafood ASA (OB:GSF)?

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' View our latest analysis for Grieg Seafood The Last 12 Months Of Insider Transactions At Grieg Seafood Chief Human Resources Officer Kathleen Mathisen made the biggest insider purchase in the last 12 months. … OB:GSF Recent Insider Trading, June 11th 2019 Grieg Seafood is not the only stock that insiders are buying. … Insiders likely see value in Grieg Seafood shares, given these transactions (along with notable insider ownership of the company).

Simply Wall St -

Grieg Seafood ASA's (OB:GSF) Earnings Grew 17%, Did It Beat Long-Term Trend?

Examining how Grieg Seafood ASA (OB:GSF) is performing as a company requires looking at more than just a years' earnings. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 36%, indicating the rate at which GSF is growing has slowed down. … I suggest you continue to research Grieg Seafood to get a better picture of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for GSF’s future growth?

Simply Wall St -

How Financially Strong Is Grieg Seafood ASA (OB:GSF)?

Additionally, GSF has generated cash from operations of øre1.2b during the same period of time, leading to an operating cash to total debt ratio of 40%, indicating that GSF’s debt is appropriately covered by operating cash. … With current liabilities at øre1.7b, it appears that the company has maintained a safe level of current assets to meet its obligations, with the current ratio last standing at 2.89x. … OB:GSF Historical Debt, May 26th 2019 Is GSF’s debt level acceptable?

Simply Wall St -

Company Info

Description

Grieg Seafood ASA, through its subsidiaries, operates as a fish farming company. It engages in the production and sale of farmed salmon. The company supplies its fish products to customers in the European Union, the United Kingdom, the United States, Canada, Asia, and other markets. Grieg Seafood ASA was founded in 1884 and is headquartered in Bergen, Norway.

Details
Name: Grieg Seafood ASA
GSF
Exchange: OB
Founded: 1884
NOK12,004,129,711
110,433,576
Website: http://www.griegseafood.no
Address: Grieg Seafood ASA
C. Sundtsgate 17/19,
Bergen,
Hordaland, 5004,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB GSF Ordinary Shares Oslo Bors NO NOK 31. May 2007
OTCPK GRGS.F Ordinary Shares Pink Sheets LLC US USD 31. May 2007
DB GR8 Ordinary Shares Deutsche Boerse AG DE EUR 31. May 2007
LSE 0GW8 Ordinary Shares London Stock Exchange GB NOK 31. May 2007
BATS-CHIXE GSFO Ordinary Shares BATS 'Chi-X Europe' GB NOK 31. May 2007
Number of employees
Current staff
Staff numbers
849
Grieg Seafood employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/14 20:58
End of day share price update: 2019/09/13 00:00
Last estimates confirmation: 2019/09/03
Last earnings filing: 2019/08/21
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.