olivLaw · European equity research
SKEL fjárfestingafélag hf. SKEL.IC
Iceland · Nasdaq Iceland · ISIN IS0000000503 · Vertical: Listed companies from Iceland
SKEL fjárfestingafélag hf. is an Icelandic investment company that mainly holds financial assets measured at fair value through profit or loss. Unlisted assets make up a large part of the balance sheet, so results depend heavily on management estimates. Net profit for 2024 was 6,754 million ISK, and total assets were 60,570 million ISK.
At the close of 05 Nov 2026, SKEL fjárfestingafélag hf. (SKEL.IC) stock was 16.80 ISK (−0.59% on the day), with market capitalisation 31.5 bn ISK, P/E 4.8 on diluted EPS of 3.47 ISK over the last 12 months, beta 0.34, 52-week range 14.90–17.60 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)
- 54.2
- neutral
- Bollinger (20, 2)
- 16.45 – 16.90
- in the upper half of the band · %B 0.77 · band width 2.7%
- SMA 50 / 200
- 16.78 / 16.54
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / -0.02
- 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 | 0.0% | +0.4% | −0.4 pp | — |
| 3 months | −1.8% | −3.3% | +1.5 pp | — |
| 6 months | +0.9% | +4.0% | −3.1 pp | — |
| Year to date | +0.6% | +8.1% | −7.5 pp | — |
| 1 year | +13.5% | +10.7% | +2.8 pp | −7.8% |
| 3 years | +36.6% | +50.1% | −13.5 pp | +13.1% |
| 5 years | +20.0% | +43.6% | −23.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 5.6, median 5.6, max 5.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 5.4 bn | 6.8 bn |
| Net income YoY | unavailable | +24.8% |
| Diluted EPS | 2.81 | 3.47 |
| Diluted EPS YoY | unavailable | +23.5% |
| net % | unavailable | unavailable |
| Free cash flow | -1.2 bn | -1.4 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.6 bn ISK
- Financial debt
- 7.4 bn ISK
- Net debt
- 3.8 bn ISK
- Equity
- 43.7 bn ISK
- Total assets
- 60.6 bn ISK
- Debt / equity
- 0.17x
- Current ratio
- unavailable
- ROE
- 16.6%
- ROA
- 12.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (ISK)
Income statement · ISK
Balance sheet · ISK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 3.1 bn | 3.6 bn | esef· 11 Feb 2025verified |
| Receivables | 570.0 m | 605.0 m | esef· 11 Feb 2025verified |
| Property, plant & equipment, net | 23.0 m | 17.0 m | esef· 11 Feb 2025verified |
| Total assets | 49.7 bn | 60.6 bn | esef· 11 Feb 2025verified |
| Short-term debt | 147.0 m | 158.0 m | esef· 11 Feb 2025verified |
| Long-term debt | 3.5 bn | 7.2 bn | esef· 11 Feb 2025verified |
| Current liabilities | 3.4 bn | 3.4 bn | esef· 11 Feb 2025verified |
| Total liabilities | 12.1 bn | 16.8 bn | esef· 11 Feb 2025verified |
| Equity | 37.6 bn | 43.7 bn | esef· 11 Feb 2025verified |
| Shares outstanding at year end | 1.9 bn | 1.9 bn | esef· 11 Feb 2025derived |
Cash flow · ISK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -1.2 bn | -1.4 bn | esef· 11 Feb 2025verified |
| Capex | 13.0 m | 0 | esef· 11 Feb 2025verified |
| Free cash flow | -1.2 bn ≈ | -1.4 bn ≈ | esef· 11 Feb 2025derived |
| Investing cash flow | -6.4 bn | -2.3 bn | esef· 11 Feb 2025verified |
| Financing cash flow | 6.0 bn | 4.2 bn | esef· 11 Feb 2025verified |
| Share repurchases | 742.0 m | 0 | esef· 11 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 31.5 bn ISK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -21.1% | 0 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 4.8x | 100 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.5% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation56/100 · 2/3 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
Skel fjárfestingafélag hf. (SKEL.IC). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 16.6%.
The estimated value range is 60.06–71.27 ISK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 60.32 ISK, the price of 16.80 ISK leaves a potential of 259.1% (value / price − 1) and a margin of safety of 72.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 4.8x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -21.1%
- FCF yield: -4.5%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, 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 SKEL.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
SKEL fjárfestingafélag hf. is an Icelandic investment company that mainly holds financial assets measured at fair value through profit or loss. Unlisted assets make up a large part of the balance sheet, so results depend heavily on management estimates. Net profit for 2024 was 6,754 million ISK 1, and total assets were 60,570 million ISK 1.
SWOT
Strengths
Weaknesses
Opportunities
- Investment opportunities in growing Icelandic companies, if the capital market stays active.
- Making the most of investment property could bring stable rental income.
- Buybacks of own shares can support shareholder returns if conditions are favourable 1.
Threats
- A fall in unlisted asset prices could significantly reduce portfolio value.
- Higher financing costs could weigh on investment margins.
- Regulatory or tax changes could alter net profit.
Risks
- Uncertainty in valuing unlisted assetshigh
Level three assets are valued on assumptions that may be revised, and the auditor treated this as a key audit matter 1.
- Portfolio concentrationhigh
A large share of assets sits in a few holdings, which magnifies the effect of specific events.
- Liquidity riskmedium
Unlisted assets may be hard to sell quickly at book value, especially in a crisis.
- Financing riskmedium
Debt maturing soon needs refinancing, and its cost could rise 1.
- Tax risklow
Changes to corporate income tax or investment taxes could affect net profit 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- The large share of level three assets means results depend on assumptions that are hard to verify 1.
- If financial markets deteriorate, portfolio values could fall quickly, hitting profit.
- Debt and the cost of financing may limit the capacity to make new investments.
What to watch
- Development of level three asset valuations and fair value gains2025 annual report
- Level of debt maturing in the next year and refinancing terms2025
- Dividend policy and the own-share buyback programme2025
- Developments in the investment property portfolio and rental incomeNext 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 company, registered in Reykjavik, aims to grow capital invested by shareholders through investments 1. The annual report shows the group reports its position on a fair value basis, without fair value through other comprehensive income for equity shares 1. Revenue comes mainly from fair value changes in financial assets and investment property 1.
Investment activity is organised around a portfolio of financial assets, where an important part is unlisted holdings measured at level three of the fair value hierarchy 1. Investment property and lease liabilities complement the portfolio, and borrowings are largely long-term 1.
The dividend paid for 2024 was 0.39 ISK per share 1, and basic earnings per share were 3.60 ISK 1. The dividend policy and buybacks of own shares affect the capital available for new investments 1.
Segments
Market context
The company operates in Icelandic capital markets, where shares are listed and unlisted assets are valued using internal and external models 1. Valuations depend on assumptions about financial markets and economic conditions in Iceland 1.
The auditor's report highlights valuation of unlisted assets as a key audit matter, indicating that results are highly sensitive to the assumptions applied 1.
Trends
- Valuation of unlisted assetsmixed
If market conditions change, level three valuations could be restated, with direct effects on reported profit 1.
- Cost of financingheadwind
Interest-bearing debt and short-term borrowings are an important part of funding; if their cost rises, investment margins could narrow 1.
- Growth in portfolio valuetailwind
Fair value gains on financial assets supported profit in recent years 1; continuation of this would depend on capital markets.
- Reporting regulation (ESEF)mixed
Single electronic reporting requirements call for greater transparency on valuation methods, which may raise compliance costs 1.
Competitive position
In Iceland the company competes with other funds and investment companies that run diversified portfolios. The available sources do not include detailed information on their relative market position.
Because investments are mainly in local assets, competition shows up in access to acquisition opportunities and in the price paid for unlisted holdings.
- Other Icelandic investment funds
Comparable companies investing in financial and unlisted assets in the local market.
- Nordic institutional investors
Pension funds and investors competing for the same investment opportunities in the region.
- Listed holding companies in Iceland
Companies holding diversified stakes that compete for capital and investors.
- Private equity funds
Investors acquiring unlisted stakes, influencing transaction prices.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202411 Feb 2025
- Annual report 202411 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / SKEL fjárfestingafélag hf. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.