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Norway Royal Salmon

OB:NRS
Snowflake Description

Flawless balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NRS
OB
NOK8B
Market Cap
  1. Home
  2. NO
  3. Food, Beverage & Tobacco
Company description

Norway Royal Salmon ASA, a fish farming company, produces, harvests, sells, and markets smolt and salmon products in Norway. The last earnings update was 18 days ago. More info.


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NRS Share Price and Events
7 Day Returns
-0.3%
OB:NRS
-4.8%
NO Food
2.6%
NO Market
1 Year Returns
-6.7%
OB:NRS
3.4%
NO Food
-9.1%
NO Market
NRS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Norway Royal Salmon (NRS) -0.3% -4.7% -2.4% -6.7% 43.6% 274.1%
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
  • NRS underperformed the Food industry which returned 3.4% over the past year.
  • NRS outperformed the Market in Norway which returned -9.1% over the past year.
Price Volatility
NRS
Industry
5yr Volatility vs Market

NRS Value

 Is Norway Royal Salmon 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 Norway Royal Salmon 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 Norway Royal Salmon.

OB:NRS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-06-30) in NOK NOK 9.2968257894737
Payout Ratio Company Filings (2019-06-30) 4323.4%
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:NRS
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%) (10.38%))
0.713
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:NRS using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Norway Royal Salmon is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

OB:NRS Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= NOK9.3 / (6.53% - 1.76%)
NOK194.98
OB:NRS Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK194.98
Current discount Discount to share price of NOK185.20
= -1 x (NOK185.20 - NOK194.98) / NOK194.98
5%

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

Current Discount
Amount off the current price Norway Royal Salmon is available for.
Intrinsic value
5%
Share price is NOK185.2 vs Future cash flow value of NOK194.98
Current Discount Checks
For Norway Royal Salmon to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Norway Royal Salmon's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Norway Royal Salmon's share price is below the future cash flow value, but not 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 Norway Royal Salmon's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Norway Royal Salmon's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:NRS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK11.37
OB:NRS Share Price ** OB (2019-09-13) in NOK NOK185.2
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 Norway Royal Salmon.

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

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

= 185.2 ÷ 11.37

16.28x

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

  • Norway Royal Salmon is overvalued based on earnings compared to the NO Food industry average.
  • Norway Royal Salmon is overvalued based on earnings compared to the Norway market.
Price based on expected Growth
Does Norway Royal Salmon's expected growth come at a high price?
Raw Data
OB:NRS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
18%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:NRS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.28x ÷ 18%

0.91x

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

  • Norway Royal Salmon is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Norway Royal Salmon's assets?
Raw Data
OB:NRS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK51.89
OB:NRS Share Price * OB (2019-09-13) in NOK NOK185.2
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:NRS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 185.2 ÷ 51.89

3.57x

* Primary Listing of Norway Royal Salmon.

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

  • Norway Royal Salmon is good value based on assets compared to the NO Food industry average.
X
Value checks
We assess Norway Royal Salmon'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. Norway Royal Salmon has a total score of 2/6, 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.

NRS Future Performance

 How is Norway Royal Salmon 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
18%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Norway Royal Salmon expected to grow at an attractive rate?
  • Norway Royal Salmon's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Norway Royal Salmon's earnings growth is expected to exceed the Norway market average.
  • Norway Royal Salmon's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:NRS Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:NRS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 18%
OB:NRS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 5%
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:NRS 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:NRS Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 7,067 1,027 1
2021-12-31 5,866 875 881 6
2020-12-31 5,750 830 802 6
2019-12-31 5,555 602 619 6
2019-09-14
OB:NRS Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 5,171 422 493
2019-03-31 5,176 809 593
2018-12-31 5,081 807 705
2018-09-30 4,724 588 483
2018-06-30 5,205 659 520
2018-03-31 5,228 537 517
2017-12-31 4,938 171 229
2017-09-30 4,878 303 802
2017-06-30 4,625 314 836
2017-03-31 4,387 375 746
2016-12-31 4,224 628 988
2016-09-30 4,036 718 735

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Norway Royal Salmon's earnings are expected to grow by 18% yearly, however this is not considered high growth (20% yearly).
  • Norway Royal Salmon's revenue is expected to grow by 5% 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:NRS 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 Norway Royal Salmon Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:NRS Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 23.57 23.57 23.57 1.00
2021-12-31 20.24 23.20 17.81 6.00
2020-12-31 18.40 20.05 16.72 6.00
2019-12-31 14.20 15.28 13.06 6.00
2019-09-14
OB:NRS Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 11.37
2019-03-31 13.64
2018-12-31 16.21
2018-09-30 11.10
2018-06-30 11.96
2018-03-31 11.92
2017-12-31 5.27
2017-09-30 18.51
2017-06-30 19.27
2017-03-31 17.16
2016-12-31 22.72
2016-09-30 16.90

*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.
  • Norway Royal Salmon is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Norway Royal Salmon'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.
Norway Royal Salmon has a total score of 4/6, 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.

NRS Past Performance

  How has Norway Royal Salmon 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 Norway Royal Salmon'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.
  • Norway Royal Salmon's year on year earnings growth rate has been positive over the past 5 years.
  • Norway Royal Salmon's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Norway Royal Salmon's 1-year earnings growth is negative, it can't be compared to the NO Food industry average.
Earnings and Revenue History
Norway Royal Salmon'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 Norway Royal Salmon Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:NRS 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 5,171.26 493.49 189.25
2019-03-31 5,175.59 593.26 182.51
2018-12-31 5,080.81 705.31 182.10
2018-09-30 4,723.61 482.75 175.98
2018-06-30 5,204.86 519.69 175.33
2018-03-31 5,228.26 517.20 176.93
2017-12-31 4,937.80 228.54 161.61
2017-09-30 4,878.28 802.08 152.88
2017-06-30 4,624.84 835.77 156.24
2017-03-31 4,386.89 745.54 147.48
2016-12-31 4,224.34 988.01 158.59
2016-09-30 4,036.20 734.69 158.03
2016-06-30 3,699.86 602.02 150.07
2016-03-31 3,389.26 501.22 142.88
2015-12-31 3,210.55 229.63 130.48
2015-09-30 2,996.34 185.61 115.24
2015-06-30 2,753.14 138.26 119.22
2015-03-31 2,664.50 188.98 117.54
2014-12-31 2,599.80 254.35 111.38
2014-09-30 2,669.86 223.38 103.48
2014-06-30 2,691.58 247.77 95.51
2014-03-31 2,771.49 248.35 92.04
2013-12-31 2,603.71 302.43 90.39
2013-09-30 2,295.27 191.26 84.83
2013-06-30 2,157.86 138.28 81.15
2013-03-31 1,891.31 76.09 78.94
2012-12-31 1,744.27 28.19 75.33
2012-09-30 1,641.73 46.20 70.45

*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.
  • Norway Royal Salmon has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Norway Royal Salmon used its assets more efficiently than the NO Food industry average last year based on Return on Assets.
  • Norway Royal Salmon's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Norway Royal Salmon'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.
Norway Royal Salmon has a total score of 3/6, 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.

NRS Health

 How is Norway Royal Salmon'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 Norway Royal Salmon's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Norway Royal Salmon is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Norway Royal Salmon's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Norway Royal Salmon'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 3.2x 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 Norway Royal Salmon Company Filings, last reported 2 months ago.

OB:NRS Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 2,300.42 581.04 0.10
2019-03-31 2,354.82 193.99 0.01
2018-12-31 2,320.79 401.61 155.65
2018-09-30 2,243.50 390.73 0.07
2018-06-30 2,101.29 450.00 208.88
2018-03-31 2,119.56 329.96 0.05
2017-12-31 1,851.03 536.62 151.78
2017-09-30 1,978.24 500.00 242.42
2017-06-30 1,805.34 516.94 170.93
2017-03-31 1,904.58 383.01 0.07
2016-12-31 2,047.02 150.00 69.26
2016-09-30 1,604.57 232.68 373.42
2016-06-30 1,367.69 195.40 188.59
2016-03-31 1,363.80 545.07 415.79
2015-12-31 1,186.52 501.72 201.34
2015-09-30 980.58 548.27 114.80
2015-06-30 900.90 587.73 82.01
2015-03-31 949.49 560.41 84.07
2014-12-31 1,013.91 546.59 61.49
2014-09-30 895.77 485.57 45.18
2014-06-30 846.64 486.46 36.25
2014-03-31 876.98 340.71 58.06
2013-12-31 868.99 394.46 53.73
2013-09-30 756.51 399.21 48.71
2013-06-30 729.41 428.80 42.10
2013-03-31 664.49 530.08 22.11
2012-12-31 607.19 473.84 9.85
2012-09-30 605.57 467.50 13.77
  • Norway Royal Salmon's level of debt (25.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (41.8% vs 25.3% today).
  • Debt is well covered by operating cash flow (72.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 32.8x coverage).
X
Financial health checks
We assess Norway Royal Salmon'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. Norway Royal Salmon has a total score of 6/6, 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.

NRS Dividends

 What is Norway Royal Salmon'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
3.24%
Current annual income from Norway Royal Salmon dividends. Estimated to be 5.02% next year.
If you bought NOK2,000 of Norway Royal Salmon shares you are expected to receive NOK65 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?
  • Norway Royal Salmon's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.49%).
  • Norway Royal Salmon'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:NRS 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:NRS Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 14.14 1.00
2021-12-31 10.75 6.00
2020-12-31 8.82 6.00
2019-12-31 7.52 6.00
2019-09-14
OB:NRS Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-04-11 6.000 3.080
2018-02-15 5.200 2.730
2017-03-03 9.500 6.480
2016-04-27 1.300 0.888
2015-05-28 0.750 1.008
2014-05-02 2.200 4.086
2014-02-26 2.200 6.310
2012-11-14 0.000 0.000
2012-08-21 0.000 0.000
2012-05-16 0.000 0.000
2012-05-15 0.000 0.000
2012-04-20 0.000 0.000
2012-02-22 0.000 0.000
2011-08-23 0.910 11.241
2011-05-25 0.910 5.084
2011-04-07 0.910 4.296

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

  • Norway Royal Salmon 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 Norway Royal Salmon only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Norway Royal Salmon's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x 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 Norway Royal Salmon'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 Norway Royal Salmon afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Norway Royal Salmon 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.

NRS Management

 What is the CEO of Norway Royal Salmon'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
Charles Høstlund
COMPENSATION NOK28,054,000
AGE 44
TENURE AS CEO 5.7 years
CEO Bio

Mr. Charles Høstlund has been the Chief Executive Officer of Norway Royal Salmon AS since 2014. Mr. Høstlund served as Regional Director of Marine Harvest Norway Northern Region. He joined Norway Royal Salmon in September 2014. Mr. Høstlund has a Master’s degree in Fish Health from the Norwegian College of Fishery Science and an MBA in Financial Control and Management from the Norwegian School of Economics.

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

Average tenure and age of the Norway Royal Salmon management team in years:

5.7
Average Tenure
48
Average Age
  • The average tenure for the Norway Royal Salmon management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Charles Høstlund

TITLE
Chief Executive Officer
COMPENSATION
NOK28M
AGE
44
TENURE
5.7 yrs

Ola Loe

TITLE
Chief Financial Officer
COMPENSATION
NOK7M
AGE
53

Klaus Hatlebrekke

TITLE
Chief Operating Officer of Markets & Business Development
COMPENSATION
NOK2M
AGE
45
TENURE
7.4 yrs

Arve Lervåg

TITLE
Chief Operating Officer of Farming
COMPENSATION
NOK2M
AGE
48
TENURE
2.5 yrs

Hanne-Guri Haug

TITLE
Chief HSE Officer

Stein Martinsen

TITLE
Sales Director of NRS Trading
COMPENSATION
NOK2M
AGE
58

Fredd Wilsgård

TITLE
General Manager of Nor Seafood
Board of Directors Tenure

Average tenure and age of the Norway Royal Salmon board of directors in years:

0.7
Average Tenure
56
Average Age
  • The average tenure for the Norway Royal Salmon board of directors is less than 3 years, this suggests a new board.
Board of Directors

Helge Gåsø

TITLE
Chairman
COMPENSATION
NOK411K
AGE
58

Eva Kristoffersen

TITLE
Vice Chairman of the Board
TENURE
0.7 yrs

Fredd Wilsgård

TITLE
General Manager of Nor Seafood

Marianne Johnsen

TITLE
Director
COMPENSATION
NOK329K
AGE
56

Trude Olafsen

TITLE
Director
COMPENSATION
NOK276K
AGE
56
TENURE
5.3 yrs

Lars Måsøval

TITLE
Director
COMPENSATION
NOK313K
AGE
40

Tom Rygh

TITLE
Director
AGE
61
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)
19. Jul 19 Buy Gåsø Næringsutvikling AS Company 19. Jul 19 19. Jul 19 100,000 NOK205.00 NOK20,500,000
18. Jan 19 Buy Gåsø Næringsutvikling AS Company 18. Jan 19 18. Jan 19 250,000 NOK185.37 NOK46,342,500
17. Sep 18 Buy Genomar AS Company 17. Sep 18 17. Sep 18 5,000,000 NOK200.00 NOK999,999,995
17. Sep 18 Sell Glastad Invest AS Company 17. Sep 18 17. Sep 18 -5,000,000 NOK200.00 NOK-999,999,995
X
Management checks
We assess Norway Royal Salmon'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. Norway Royal Salmon 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.

NRS News

Simply Wall St News

What To Know Before Buying Norway Royal Salmon AS (OB:NRS) For Its Dividend

Is Norway Royal Salmon AS (OB:NRS) a good dividend stock? … It's good to see that Norway Royal Salmon has been paying a dividend for a number of years. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Norway Royal Salmon has grown its earnings per share at 10% per annum over the past five years.

Simply Wall St -

What Should Investors Know About Norway Royal Salmon AS's (OB:NRS) Future?

In March 2019, Norway Royal Salmon AS (OB:NRS) announced its earnings update. … View our latest analysis for Norway Royal Salmon How is Norway Royal Salmon going to perform in the near future? … OB:NRS Past and Future Earnings, August 24th 2019 From the current net income level of kr705m and the final forecast of kr1.1b by 2022, the annual rate of growth for NRS’s earnings is 17%.

Simply Wall St -

Does Norway Royal Salmon AS's (OB:NRS) Stock Price Account For Its Growth?

Norway Royal Salmon AS (OB:NRS) is considered a high growth stock. … However, to properly examine the value of a high-growth stock such as Norway Royal Salmon, we must reflect its earnings growth into the valuation. … So, when we include the growth factor in our analysis, Norway Royal Salmon appears fairly valued , based on the fundamentals.

Simply Wall St -

Where Norway Royal Salmon AS (OB:NRS) Stands In Terms Of Earnings Growth Against Its Industry

Assessing Norway Royal Salmon AS's (OB:NRS) past track record of performance is a valuable exercise for investors. … Check out our latest analysis for Norway Royal Salmon Commentary On NRS's Past Performance NRS's trailing twelve-month earnings (from 31 March 2019) of øre593m has jumped 15% compared to the previous year. … Furthermore, its return on assets (ROA) of 15% exceeds the NO Food industry of 12%, indicating Norway Royal Salmon has used its assets more efficiently.

Simply Wall St -

Why Norway Royal Salmon AS's (OB:NRS) CEO Pay Matters To You

See our latest analysis for Norway Royal Salmon How Does Charles Høstlund's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Norway Royal Salmon AS has a market cap of øre8.6b, and is paying total annual CEO compensation of øre9.5m. … We compared the total CEO remuneration paid by Norway Royal Salmon AS, and compared it to remuneration at a group of similar sized companies.

Simply Wall St -

Why Norway Royal Salmon AS (OB:NRS) Could Have A Place In Your Portfolio

Norway Royal Salmon AS (OB:NRS) is a stock with outstanding fundamental characteristics. … For those interested in understanding where the figures come from and want to see the analysis, take a look at the report on Norway Royal Salmon here. … OB:NRS Historical Debt, June 24th 2019 Next Steps: For Norway Royal Salmon, there are three pertinent aspects you should look at: Valuation: What is NRS worth today?

Simply Wall St -

Should You Be Tempted To Sell Norway Royal Salmon AS (OB:NRS) Because Of Its P/E Ratio?

We'll look at Norway Royal Salmon AS's (OB:NRS) P/E ratio and reflect on what it tells us about the company's share price. … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Norway Royal Salmon: P/E of 14.51 = NOK198 ÷ NOK13.64 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … OB:NRS Price Estimation Relative to Market, June 13th 2019 Its P/E ratio suggests that Norway Royal Salmon shareholders think that in the future it will perform about the same as other companies in its industry classification.

Simply Wall St -

What Norway Royal Salmon AS's (OB:NRS) ROE Can Tell Us

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Norway Royal Salmon: 25% = øre593m ÷ øre2.4b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Norway Royal Salmon Have A Good Return On Equity? … Norway Royal Salmon's Debt And Its 25% ROE Although Norway Royal Salmon does use debt, its debt to equity ratio of 0.19 is still low.

Simply Wall St -

Could Norway Royal Salmon AS (OB:NRS) Have The Makings Of Another Dividend Aristocrat?

Dividend paying stocks like Norway Royal Salmon AS (OB:NRS) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. … It's good to see that Norway Royal Salmon has been paying a dividend for a number of years. … This works out to be a compound annual growth rate (CAGR) of approximately 27% a year over that time. The growth in dividends has not been linear, but the CAGR is a decent approximation of the rate of change over this time frame. So, its dividends have grown at a rapid rate over this time, but payments have been cut in the past. The stock may still be worth considering as part of a diversified dividend portfolio. Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. It's good to see Norway Royal Salmon has been growing its earnings per share at 18% a year over the past 5 years. A company paying out less than a quarter of its earnings as dividends, and growing earnings at more than 10% per annum, looks to be right in the cusp of its growth phase. At the right price, we might be interested. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

An Intrinsic Calculation For Norway Royal Salmon AS (OB:NRS) Suggests It's 49% Undervalued

Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (NOK, Millions) NOK-417.00 NOK111.00 NOK650.00 NOK744.46 NOK824.13 NOK890.22 NOK944.89 NOK990.49 NOK1.03k NOK1.06k Growth Rate Estimate Source Analyst x1 Analyst x2 Analyst x1 Est @ 14.53% Est @ 10.7% Est @ 8.02% Est @ 6.14% Est @ 4.83% Est @ 3.91% Est @ 3.26% Present Value (NOK, Millions) Discounted @ 6.53% NOK-391.45 NOK97.81 NOK537.68 NOK578.08 NOK600.73 NOK609.13 NOK606.92 NOK597.23 NOK582.53 NOK564.68 Present Value of 10-year Cash Flow (PVCF)= NOK4.38b "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = øre1.1b × (1 + 1.8%) ÷ (6.5% – 1.8%) = øre23b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = NOKøre23b ÷ ( 1 + 6.5%)10 = NOK12.05b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is NOK16.43b. … OB:NRS Intrinsic value, May 13th 2019 Important assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

NRS Company Info

Description

Norway Royal Salmon ASA, a fish farming company, produces, harvests, sells, and markets smolt and salmon products in Norway. It operates in two segments, Salmon Farming and Sales. The company offers fresh and frozen fish, round fish, fillet, portions, and smoked and marinated products. It also exports its products to 56 countries. The company was founded in 1992 and is headquartered in Trondheim, Norway.

Details
Name: Norway Royal Salmon AS
NRS
Exchange: OB
Founded: 1992
NOK8,043,491,576
43,431,380
Website: http://www.norwayroyalsalmon.com
Address: Norway Royal Salmon AS
Ferjemannsveien 10,
PO Box 2608,
Trondheim,
Sør-Trøndelag, 7414,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB NRS Ordinary Shares Oslo Bors NO NOK 29. Mar 2011
OTCPK NRYY.F Ordinary Shares Pink Sheets LLC US USD 29. Mar 2011
DB 9NR Ordinary Shares Deutsche Boerse AG DE EUR 29. Mar 2011
LSE 0P3N Ordinary Shares London Stock Exchange GB NOK 29. Mar 2011
BATS-CHIXE NRSO Ordinary Shares BATS 'Chi-X Europe' GB NOK 29. Mar 2011
OTCPK NRYY.Y UNSPONSORD ADS Pink Sheets LLC US USD 12. Apr 2019
Number of employees
Current staff
Staff numbers
188
Norway Royal Salmon 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 21:56
End of day share price update: 2019/09/13 00:00
Last estimates confirmation: 2019/09/12
Last earnings filing: 2019/08/27
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.