SalMar ASA SALM.OL
Composite 49/100; the shares have moved about 31% annualised. Names that move more contribute more risk for the same amount invested, and our composite reflects how strong the evidence for this one is right now.
Balance-sheet strength ranks 32/100 — a moderate mark against it.
Growth ranks 86/100 — a strong point in its favour. Income ranks 56/100 — a slight point in its favour. Quality ranks 54/100 — a slight point in its favour.
Balance-sheet strength ranks 32/100 — a moderate mark against it. Valuation ranks 32/100 — a moderate mark against it. Momentum ranks 45/100 — a slight mark against it.
What the company does SalMar ASA is a global aquaculture producer focused on farmed salmon, operating across Norway, Iceland, and international markets. It covers the full value chain from broodstock and smolt to harvesting, processing, and sales of fillets. The company’s segments include Fish Farming Central Norway, Fish Farming Northern Norway, Icelandic Salmon, and SalMar Aker Ocean.
Key financials SalMar reports gross margins of 46.8% and net margins of 7.1%, with revenue growth of 24.9% but EPS declining -6.7%. ROE stands at 9.8% and ROA at 4.8%, while debt/equity is 1.09 and net debt/EBITDA is 3.79. The dividend yield is 1.9% with a payout ratio of 145.3%, indicating unsustainable payouts relative to earnings.
Stock health The stock shows mixed momentum: down -4.29% over 3 months, down -0.98% over 6 months, but up 22.80% over 12 months. It is -15.58% below its 52-week high, with RSI(14) at 62.40. SideraVia scores it 43.4 overall (average quality, richly valued), with Strength at 28.2 and Valuation at 39.8.
Price vs fair value The stock trades at a PREMIUM of 26.40% to our fair-value estimate of 382.61 and at a discount of 14.38% to the analyst 12-month target of 594.18. - High forward P/E of 20.37 vs trailing 34.46 (Valuation 39.8) - PEG of 0.29 suggests undervaluation on growth, but ROE of 9.8% is modest (Quality 49.9) - 12-month price return of 22.80% supports momentum (Momentum 41.4) - Dividend payout of 145.3% flags sustainability concerns (Income 34.1)
Looking forward Forward P/E improves to 20.37 from 34.46, implying earnings recovery expectations. Growth remains strong at 24.9%, but profitability (net margin 7.1%) and capital efficiency (ROE 9.8%) lag peers. Analysts see 14.38% upside to 594.18, balancing premium valuation with growth potential.
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Data as of 2026-09-04, compiled from third-party sources; errors and delays are possible and figures are not warranted. Investing puts your capital at risk; past performance does not predict future results. We publish our full track record, including the calls that lost, and our conflicts of interest.