olivLaw · European equity research
P/F Bakkafrost BAKKA.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
P/F Bakkafrost is a Faroe Islands salmon company that integrates production from hatcheries and farming sites through to its own feed plant, Havsbrún. Its 2025 sustainability report shows how it is trying to reduce reliance on marine raw materials, a topic that matters to investors and regulators. The company also operates in Scotland, where water abstraction limits are strict.
At the close of 06 Nov 2026, P/F Bakkafrost (BAKKA.OL) stock was 433.00 NOK (+0.28% on the day), with beta 0.33, 52-week range 395.00–521.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.8
- weak (30–45)
- Bollinger (20, 2)
- 421.15 – 474.13
- in the lower half of the band · %B 0.22 · band width 11.8%
- SMA 50 / 200
- 443.33 / 447.08
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.82 / 0.38
- MACD below 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 | +0.1% | −0.6% | +0.8 pp | — |
| 3 months | −6.6% | −4.2% | −2.4 pp | — |
| 6 months | +4.7% | +4.3% | +0.4 pp | — |
| Year to date | −16.2% | +7.5% | −23.7 pp | — |
| 1 year | −12.8% | +9.9% | −22.8 pp | −4.7% |
| 3 years | −13.6% | +49.8% | −63.4 pp | +17.6% |
| 5 years | −43.1% | +42.8% | −85.9 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.1 bn | 7.3 bn | 7.0 bn |
| Revenue YoY | unavailable | +2.7% | −4.5% |
| Net income | 955.6 m | 656.6 m | 530.2 m |
| Net income YoY | unavailable | −31.3% | −19.3% |
| Diluted EPS | 16.14 | 10.88 | 8.83 |
| Diluted EPS YoY | unavailable | −32.6% | −18.8% |
| net % | 13.4% | 9.0% | 7.6% |
| Free cash flow | -39.4 m | 1.3 bn | -56.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 299.7 m DKK
- Financial debt
- 4.2 bn DKK
- Net debt
- 3.9 bn DKK
- Equity
- 11.0 bn DKK
- Total assets
- 19.0 bn DKK
- Debt / equity
- 0.38x
- Current ratio
- 6.66x
- ROE
- 4.8%
- ROA
- 2.9%
- FCF margin
- -0.8%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.1 bn | 7.3 bn | 7.0 bn | esef· 21 Oct 2026verified |
| Operating income | 1.5 bn | 1.5 bn | 887.5 m | esef· 21 Oct 2026verified |
| Interest expense | 184.7 m | 199.5 m | 161.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | 1.1 bn | 851.6 m | 635.4 m | esef· 21 Oct 2026verified |
| Income tax | 193.1 m | 206.8 m | 111.7 m | esef· 21 Oct 2026verified |
| Net income | 955.6 m | 656.6 m | 530.2 m | esef· 21 Oct 2026verified |
| Diluted EPS | 16.14 | 10.88 | 8.83 | esef· 21 Oct 2026verified |
| Dividend per share | 9.99 | 8.54 | 8.34 | esef· 21 Oct 2026derived |
Balance sheet · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 411.7 m | 480.5 m | 299.7 m | esef· 21 Oct 2026verified |
| Receivables | 1.0 bn | 887.3 m | 997.2 m | esef· 21 Oct 2026verified |
| Inventories | 1.1 bn | 670.9 m | 789.7 m | esef· 21 Oct 2026verified |
| Current assets | 5.9 bn | 5.2 bn | 5.5 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 6.2 bn | 6.7 bn | 7.1 bn | esef· 21 Oct 2026verified |
| Total assets | 17.8 bn | 17.7 bn | 19.0 bn | esef· 21 Oct 2026verified |
| Long-term debt | 3.9 bn | 3.5 bn | 4.2 bn | esef· 21 Oct 2026verified |
| Current liabilities | 747.0 m | 766.5 m | 826.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 7.0 bn | 6.5 bn | 8.0 bn | esef· 21 Oct 2026verified |
| Equity | 10.9 bn | 11.2 bn | 11.0 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 59.2 m | 60.3 m | 60.0 m | esef· 21 Oct 2026derived |
Cash flow · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.0 bn | 2.4 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Capex | 1.1 bn | 1.0 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Free cash flow | -39.4 m ≈ | 1.3 bn ≈ | -56.5 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -1.0 bn | -1.0 bn | -1.1 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -286.8 m | -1.3 bn | -124.3 m | esef· 21 Oct 2026verified |
| Dividends paid | 591.4 m | 515.3 m | 500.5 m | esef· 21 Oct 2026verified |
≈ 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 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
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.0% | 36 (vs peers) | 31% |
| Net margin · Quality | 7.6% | 61 (vs peers) | 19% |
| FCF conversion · Quality | -10.7% | 0 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.5x | 62 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 6.7x | 100 (on a fixed band) | 13% |
| 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 sheet77/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality33/100 · 3/3 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
P/F BAKKAFROST (BAKKA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.0 bn DKK in 2025; YoY growth -4.5%; net margin 7.6%; ROE 4.8%.
The estimated value range is 81.32–189.99 DKK per share (median of 2 methods, agreement: low); 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.7x
What contradicts it
- FCF conversion: -10.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for BAKKA.OL 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
P/F Bakkafrost is a Faroe Islands salmon company that integrates production from hatcheries and farming sites through to its own feed plant, Havsbrún. Its 2025 sustainability report shows how it is trying to reduce reliance on marine raw materials, a topic that matters to investors and regulators. The company also operates in Scotland, where water abstraction limits are strict.
SWOT
Strengths
Weaknesses
- Dependence on marine raw materials remains significant, although the company is working to reduce it 1.
- Internal controls over sustainability reporting are still developing and not yet at the maturity of financial reporting 1.
- Full traceability of all agricultural raw materials down to the growing area is still under development 1.
Opportunities
- Alternative marine species, such as mesopelagic ones, could reduce dependence on traditional stocks and create external sales revenue 1.
- Sustainability certifications can attract customers who ask for responsible products 1.
- The expanded storage and production capacity at Havsbrún could support future growth in salmon production 1.
Risks
- Availability of marine raw materialshigh
Catch restrictions or slow stock regeneration could force the company to lower marine ingredients in feed, with possible cost effects 1.
- Cost of alternative ingredientsmedium
Replacing marine ingredients with alternatives could raise feed costs and affect profitability 1.
- Availability of freshwatermedium
Smolt operations depend on freshwater, and abstraction limits in Scotland and droughts could restrict production 1.
- Quality of sustainability reportingmedium
The company acknowledges that its control system for ESG data is still developing, which could lead to reporting errors 1.
- Uncertainty of research projectslow
Projects to identify alternative marine sources involve uncertain capital needs and uncertain results 1.
Investment thesis
What would need to be true (bull case)
- If feed reformulation and alternative species work, the company could reduce its dependence on traditional fish stocks 1.
- Vertical integration and the expanded Havsbrún capacity could support future production growth 1.
- ASC Feed certification and ingredient traceability can strengthen confidence among customers and investors 1.
What would break the thesis
- If alternative ingredients are more expensive, margins could come under pressure and the company may have to absorb the costs 1.
- Restrictions on marine stocks could limit feed flexibility even with the existing investments 1.
- Sustainability reporting systems are not yet as mature as financial ones, which can create uncertainty 1.
What to watch
- Results of trials for catching and using alternative marine resources2026
- Trend in the share of marine raw materials used in feed2026
- Achievement of the target to measure freshwater withdrawals per tonne of fish harvested2026
- Progress of the internal control system for sustainability reportingnext 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
Bakkafrost produces salmon and controls a significant part of the value chain, from smolt grown in recirculating hatcheries to feed produced in its own facilities. The FOF segment (fish meal, oil and feed) supplies ingredients for fish feed, and marine raw materials typically make up around 50% of feed ingredients 1. Freshwater is essential for smolt production, and the company reports a 98.6% recirculation rate at its hatcheries in 2025 1.
Segments
Salmon farming and hatcheries
Farming operations depend on high-quality freshwater, especially in hatcheries, where RAS systems keep recirculation rates high and stable from year to year 1. The company tracks freshwater use per tonne of fish harvested, which fell from 263 to 243 cubic metres per tonne between 2024 and 2025 1.
FOF (fish meal, oil and feed)
The FOF segment produces feed and explores alternative marine sources, such as mesopelagic species, to reduce pressure on traditional fish stocks. The Havsbrún expansion adds a third feed line and extra storage capacity, which allows recipes to be adjusted to ingredient availability 1. The segment achieved ASC Feed certification in 2025 1.
Market context
Demand for farmed salmon depends on feed availability, marine raw material supply and rules on catch and sustainability. The sources do not describe the global market in detail, but they show that limits on marine and freshwater inputs can affect production costs. If alternative ingredients become more expensive, feed costs could rise in turn 1.
Trends
- Reducing dependence on marine raw materialsmixed
The company is investing in feed reformulation and research to partly replace marine ingredients. This flexibility can reduce supply risk, but alternative ingredients could raise feed costs 1.
- Pressure from environmental and reporting rulesmixed
ESRS standards and sustainability certifications require more detailed reporting, and the company acknowledges that its internal controls over sustainability reporting are still developing 1. These requirements can raise administrative costs but may also strengthen investor confidence.
- Security of freshwater supplyheadwind
Abstraction limits in Scotland and water supply upgrades in the Faroe Islands aim to keep operations running during dry periods 1. If water availability falls, operating costs at smolt farms could rise.
- Certifications and traceable supply chainstailwind
The ASC Feed certification and traceability requirements for marine ingredients strengthen the company's position with customers who ask for responsible products 1.
Competitive position
The sources analysed do not identify Bakkafrost's direct competitors. Based on the document, the company competes through vertical integration, feed formulation flexibility and sustainability certifications. A full competitive profile would require competitors' reports, which are not part of the available sources.
- Competitors not named in the source
The source analysed does not name other salmon producers, so competitors cannot be verified from the document.
- Feed ingredient suppliers
The company diversifies sourcing through several channels and partnerships, but specific suppliers are not named in the source.
- Alternative feed producers
Alternative feed ingredients are an indirect competitive force for marine raw materials, although the source names no companies.
- Other salmon aquaculture operators
Competitors that use the same certifications or water sources are not identified in the document analysed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / P/F Bakkafrost · 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.