olivLaw · European equity research
Iceland Seafood International hf. ICESEA.IC
Iceland · Nasdaq Iceland · ISIN IS0000026961 · Vertical: Listed companies from Iceland
Iceland Seafood International hf. is a group that processes and sells fish and seafood, with operations in Iceland, Spain, Ireland, France, Germany and Argentina. In 2025 the company expanded in Argentina through the acquisition of a cold storage facility and two freezer trawlers, while selling its UK operation, and cost of sales reached EUR 410,948 thousand.
At the close of 05 Nov 2026, Iceland Seafood International hf. (ICESEA.IC) stock was 4.26 ISK (−1.39% on the day), with beta 0.26, 52-week range 3.68–5.30 ISK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.6
- strong (55–70)
- Bollinger (20, 2)
- 3.98 – 4.42
- in the upper half of the band · %B 0.64 · band width 10.5%
- SMA 50 / 200
- 4.01 / 4.50
- mixed trend
- MACD (12, 26, 9)
- 0.09 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.6% | −0.6% | +8.2 pp | — |
| 3 months | +0.9% | −4.2% | +5.1 pp | — |
| 6 months | −2.7% | +4.3% | −7.1 pp | — |
| Year to date | −12.3% | +7.5% | −19.9 pp | — |
| 1 year | −4.5% | +9.9% | −14.4 pp | −7.8% |
| 3 years | −30.4% | +49.8% | −80.3 pp | +13.1% |
| 5 years | −73.5% | +42.8% | −116.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 4.1 m | 4.6 m | 2.7 m | 7.1 m |
| Net income YoY | unavailable | +12.2% | −42.3% | +167.0% |
| Diluted EPS | 0.13 | 0.15 | 0.09 | 0.23 |
| Diluted EPS YoY | unavailable | +12.2% | −42.3% | +167.1% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 15.7 m EUR
- Financial debt
- 127.2 m EUR
- Net debt
- 111.4 m EUR
- Equity
- 82.4 m EUR
- Total assets
- 279.4 m EUR
- Debt / equity
- 1.54x
- Current ratio
- unavailable
- ROE
- 8.9%
- ROA
- 2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cost of revenue | 107.3 m | 114.1 m | 375.9 m | 410.9 m | esef· 10 Mar 2026verified |
| Gross profit | 21.9 m | 22.7 m | 67.3 m | 73.3 m | esef· 10 Mar 2026verified |
| Operating income | 8.6 m | 7.9 m | 14.4 m | 18.7 m | esef· 10 Mar 2026verified |
| Depreciation & amortisation | 647.0 k | 1.1 m | 4.1 m | 4.1 m | esef· 10 Mar 2026verified |
| EBITDA | 9.3 m ≈ | 8.9 m ≈ | 18.5 m ≈ | 22.7 m ≈ | esef· 10 Mar 2026derived |
| Pre-tax income | 4.5 m | 6.5 m | 3.9 m | 10.0 m | esef· 10 Mar 2026verified |
| Income tax | 294.0 k | 1.7 m | 1.2 m | 2.6 m | esef· 10 Mar 2026verified |
| Net income | 4.1 m | 4.6 m | 2.7 m | 7.1 m | esef· 10 Mar 2026verified |
| Diluted EPS | 0.13 | 0.15 | 0.09 | 0.23 | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 16.5 m | 12.9 m | 15.7 m | esef· 10 Mar 2026verified |
| Receivables | — | 59.4 m | 68.4 m | 68.6 m | esef· 10 Mar 2026verified |
| Inventories | — | 77.0 m | 61.9 m | 79.5 m | esef· 10 Mar 2026verified |
| Current assets | — | 161.0 m | 153.2 m | — | esef· 04 Mar 2025verified |
| Property, plant & equipment, net | — | 30.1 m | 34.7 m | 35.6 m | esef· 10 Mar 2026verified |
| Total assets | — | 254.8 m | 253.9 m | 279.4 m | esef· 10 Mar 2026verified |
| Accounts payable | — | 54.0 m | 44.7 m | 53.3 m | esef· 10 Mar 2026verified |
| Short-term debt | — | 74.2 m | 109.6 m | 91.6 m | esef· 10 Mar 2026verified |
| Long-term debt | — | 39.7 m | 7.9 m | 35.6 m | esef· 10 Mar 2026verified |
| Current liabilities | — | 137.1 m | 165.8 m | 154.9 m | esef· 10 Mar 2026verified |
| Total liabilities | — | 182.1 m | 177.7 m | 197.0 m | esef· 10 Mar 2026verified |
| Equity | 81.1 m | 72.7 m | 76.2 m | 82.4 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 30.6 m | 30.6 m | 30.6 m | 30.6 m | esef· 10 Mar 2026derived |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.00 – 4.75 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E4.00 – 4.75 (Mid 4.02)5 companies used · median multiple 17.4x · quartiles 17.3x – 20.5xASAR.IC, BERA.IC, FESTI.IC, HAGA.IC, NOVA.IC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.3% | 38 (vs peers) | 36% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 20.0% | 100 (on a fixed band) | 29% |
| Net debt / EBITDA · Balance sheet | 4.9x | 0 (on a fixed band) | 36% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial38/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Iceland Seafood International hf. (ICESEA.IC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 9.2%; net debt/EBITDA 4.9x.
The estimated value range is 4.00–4.75 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 20.0%
What contradicts it
- Net debt / EBITDA: 4.9x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Iceland · same country · compared with 11 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HAGA.ICHagar hf. | 133.6 bn | 20.5 | 18.2% | 3.8% | +9.3% | +8% / +83% |
| FESTI.ICFesti hf. | 90.9 bn | 22.8 | 10.1% | 2.6% | +13.4% | −8% / +67% |
| HEIMAR.ICHeimar hf. | 61.3 bn | 7.5 | 13.5% | 55.5% | +7.7% | −6% / +49% |
| BERA.ICÖlgerðin Egill Skallagríms hf. | 37.1 bn | 17.3 | 13.7% | 5.9% | +7.7% | −24% / +0% |
| NOVA.ICNova Klúbburinn hf | 12.0 bn | 14.8 | 8.5% | 6.1% | +2.8% | −26% / −16% |
| ALVO.ICAlvotech | — | — | — | 9.0% | +43.4% | −14% / −58% |
| ASAR.ICSíminn hf. | — | 17.4 | — | — | +3.0% | −19% / +27% |
| BRIM.ICBrim hf. | — | — | 11.9% | 14.6% | +5.2% | +19% / +13% |
| EIK.ICEik Fasteignafélag Hf. | — | — | 10.2% | 43.6% | +9.5% | +1% / +23% |
| EIM.ICEimskipafélag Íslands hf. | — | — | 3.2% | 1.2% | −4.7% | +6% / −35% |
| HAMP.ICHampiðjan hf | — | — | 1.7% | 1.2% | +15.7% | −26% / −37% |
1- and 3-year price returns: for ICESEA.IC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Iceland Seafood International hf. is a group that processes and sells fish and seafood, with operations in Iceland, Spain, Ireland, France, Germany and Argentina. In 2025 the company expanded in Argentina through the acquisition of a cold storage facility and two freezer trawlers, while selling its UK operation, and cost of sales reached EUR 410,948 thousand 1.
SWOT
Strengths
- Vertical integration across fishing, processing and cold storage, especially in Argentina.
- Diversified European presence across several subsidiaries and countries.
- Insurance cover for operating assets, including in the Argentine incident.
Weaknesses
- Reliance on costly financing and on bonds carrying significant interest.
- High level of finished goods inventory, which can raise write-down risk.
- The Grimsby property has no clear prospect of sale at the expected price.
Opportunities
- Expansion into sea-frozen products for premium markets.
- Growing Argentine shrimp volumes through the new fishing vessels.
- Using the Argentine cold storage for third parties, if it has spare capacity.
Threats
- Operational and environmental risks, including fires at processing sites.
- Changes in capital costs that could lead to impairment in some divisions.
- Volatile raw material prices that could squeeze margins.
Risks
- Fire at the Argentine facilitymedium
The final financial impact of the December 2025 fire has not been determined; management does not expect it to be material, but this depends on the final damage assessment 1.
- Grimsby propertymedium
The lessee will not exercise its purchase option, and an early sale could lead to value adjustments recognised in profit or loss 1.
- Goodwill impairment testingmedium
An increase in the weighted average cost of capital above 90 basis points could lead to impairment in the southern European divisions 1.
- Acquisition payment obligationslow
Remaining payments for the Argentine acquisition run through 2028, and missing them could affect cash flows 1.
- Concentrated security over assetshigh
Most subsidiary equity and inventories are pledged for borrowings, which limits flexibility if financing becomes difficult 1.
Investment thesis
What would need to be true (bull case)
- If the Argentine integration works, the company could gain safer raw material access and better margins on premium sea-frozen products.
- Geographic diversification and insurance cover may reduce the effect of local incidents on consolidated results.
- A structure with majority-owned subsidiaries in every country gives operational control and flexibility across the group.
What would break the thesis
- High financing costs and bond obligations linked to the UK sale could reduce net profitability.
- Large inventories and write-down risk could hurt results if demand stays weak.
- Dependence on pledged assets and operational incidents could limit adaptability if conditions worsen.
What to watch
- Final impact of the Argentine fire and any insurance adjustments2026
- Early sale of the Grimsby property and its final value2026
- Staged payments for the Thorpesca acquisition and shrimp catch trends2026-2028
- Results of goodwill impairment tests for the Spanish divisionnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group processes and sells fish and seafood through several subsidiaries: Iceland Seafood ehf. in Iceland, Iceland Seafood Ibérica S.A.U. in Spain, Oceanpath Ltd. in Ireland, Iceland Seafood France S.A.S. in France and ISG Iceland Seafood GmbH in Germany 1. The company holds the majority of voting power in all subsidiaries and consolidates nine direct and seven indirect subsidiaries 1.
In 2025 the Argentine activity was consolidated: Cigalfer792 S.R.L., which operates a cold storage facility, was taken over effective 1 January 2025, and Thorpesca S.A.S. bought two freezer trawlers and shrimp fishing rights 1. The stated aim is vertical integration and direct access to sea-frozen shrimp 1.
The UK subsidiary was sold in 2023 and the Grimsby property remains leased to the buyer, but the lessee has said it will not exercise its purchase option at the end of the lease in September 2027, and an early sale of the property has been approved 1. A fire in December 2025 at the Achernar facility in Argentina was confined to office areas, operations resumed within two weeks, and the final financial impact has not yet been determined 1.
Segments
Fish processing and sales (Europe)
European subsidiaries, especially in Spain, Ireland and Iceland, sell processed fish products; goodwill of the Spanish division is the main intangible asset, and impairment tests showed no loss in value 1.
Fishing and processing in Argentina
Achernar S.A. and Thorpesca S.A.S. in Argentina combine processing with own shrimp fishing, and the vessels and fishing rights bought in 2025 are fixed assets or indefinite-life rights 1.
Market context
The company uses a long-term growth rate of 1.5% a year, which it describes as the projected long-term average growth of the international seafood market 1. Discount rates used in impairment tests range from 8.1% to 9.4% a year, which points to a relatively costly financing environment 1.
Demand and prices are linked to raw material costs and their inflation, which management assumes stays constant across its five-year forecasts 1. A rise in the cost of capital of more than 90 basis points could trigger impairment in the southern European divisions 1.
Trends
- Argentina expansiontailwind
The purchase of vessels and shrimp fishing rights in Argentina could secure raw material access and open premium markets for sea-frozen products 1.
- Financing costsheadwind
High discount rates and the bond interest linked to the UK sale could weigh on profitability, especially if interest rates stay high 1.
- Rising inventoriesmixed
Inventories grew in 2025, which could reflect weaker demand or advance buying, and some write-downs were partly reversed 1.
- Fire risk and insuranceheadwind
Operational incidents in Argentina are insured, but the final impact is not yet known, which could change results if losses exceed cover 1.
Competitive position
The analysed sources name no competitors. The international seafood market is described as fragmented, and the group's position depends on vertical integration and access to raw material 1.
An edge over rivals could come from owning fishing and cold storage, but the source offers no comparison with other producers, so these conclusions remain hypothetical 1.
- No competitors named in the source
The annual report analysed does not name other producers or distributors, so no direct competitors are listed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Iceland Seafood International hf. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.