olivLaw · European equity research
Ölgerðin Egill Skallagrímsson hf. (Bera hf.) BERA.IC
Iceland · Nasdaq Iceland · ISIN IS0000028678 · Vertical: Listed companies from Iceland
Bera hf. (Ölgerðin) is an Icelandic group in beverages and food products, whose consolidated sales grew in fiscal 2025-2026 while net profit fell. The acquisition of two companies in December 2025 significantly expanded the balance sheet and leverage, which matters for investors in 2026.
At the close of 05 Nov 2026, Ölgerðin Egill Skallagrímsson hf. (Bera hf.) (BERA.IC) stock was 13.10 ISK (−1.50% on the day), with market capitalisation 37.1 bn ISK, P/E 16.6 on diluted EPS of 0.79 ISK over the last 12 months, dividend yield 3.82%, beta 0.18, 52-week range 13.00–18.10 ISK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.8
- weak (30–45)
- Bollinger (20, 2)
- 12.57 – 13.96
- in the lower half of the band · %B 0.38 · band width 10.5%
- SMA 50 / 200
- 13.88 / 15.65
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.24 / -0.28
- 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 | −6.4% | +0.4% | −6.8 pp | — |
| 3 months | −12.7% | −3.3% | −9.4 pp | — |
| 6 months | −13.8% | +4.0% | −17.8 pp | — |
| Year to date | −26.4% | +8.1% | −34.5 pp | — |
| 1 year | −18.6% | +10.7% | −29.3 pp | −6.8% |
| 3 years | +4.8% | +50.1% | −45.3 pp | +17.9% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 50 percentile of its own 2-quarter history (min 16.0, median 19.7, max 23.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 33.8 bn | 34.0 bn | 36.6 bn |
| Revenue YoY | unavailable | +0.5% | +7.7% |
| Net income | 3.2 bn | 2.3 bn | 2.1 bn |
| Net income YoY | unavailable | −27.9% | −7.7% |
| Diluted EPS | 1.10 | 0.79 | unavailable |
| Diluted EPS YoY | unavailable | −28.2% | unavailable |
| net % | 9.5% | 6.8% | 5.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 28 Feb 2026
- Cash
- 2.5 bn ISK
- Financial debt
- 15.0 bn ISK
- Net debt
- 12.5 bn ISK
- Equity
- 18.4 bn ISK
- Total assets
- 44.2 bn ISK
- Debt / equity
- 0.81x
- Current ratio
- 1.08x
- ROE
- 12.3%
- ROA
- 5.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (ISK)
Margins
Income statement · ISK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 33.8 bn | 34.0 bn | 36.6 bn | esef· 21 Apr 2026verified |
| Cost of revenue | 20.6 bn | 20.7 bn | 22.0 bn | esef· 21 Apr 2026verified |
| Gross profit | 13.2 bn | 13.2 bn | 14.6 bn | esef· 21 Apr 2026verified |
| Operating income | 4.5 bn | 3.9 bn | 3.7 bn | esef· 21 Apr 2026verified |
| Interest expense | 994.0 m | 971.1 m | 1.2 bn | esef· 21 Apr 2026verified |
| Pre-tax income | 4.0 bn | 3.1 bn | 2.7 bn | esef· 21 Apr 2026verified |
| Income tax | 676.5 m | 706.7 m | 532.3 m | esef· 21 Apr 2026verified |
| Net income | 3.2 bn | 2.3 bn | 2.1 bn | esef· 21 Apr 2026verified |
| Diluted EPS | 1.10 | 0.79 | — | esef· 15 Apr 2025verified |
| Dividend per share | 0.00 | 0.50 | — | esef· 21 Apr 2026verified |
Balance sheet · ISK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.5 bn | 1.3 bn | 2.5 bn | esef· 21 Apr 2026verified |
| Inventories | 3.4 bn | 3.6 bn | 4.1 bn | esef· 21 Apr 2026verified |
| Current assets | 8.3 bn | 8.4 bn | 11.0 bn | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 14.1 bn | 16.0 bn | 18.7 bn | esef· 21 Apr 2026verified |
| Goodwill | — | 0 | 4.9 bn | esef· 21 Apr 2026verified |
| Total assets | 30.7 bn | 33.2 bn | 44.2 bn | esef· 21 Apr 2026verified |
| Short-term debt | 2.2 bn | 3.0 bn | 2.6 bn | esef· 21 Apr 2026verified |
| Long-term debt | 4.4 bn | 5.2 bn | 12.4 bn | esef· 21 Apr 2026verified |
| Current liabilities | 8.5 bn | 8.7 bn | 10.2 bn | esef· 21 Apr 2026verified |
| Total liabilities | 15.6 bn | 16.8 bn | 25.8 bn | esef· 21 Apr 2026verified |
| Equity | 15.0 bn | 16.4 bn | 18.4 bn | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 2.8 bn | 2.8 bn | — | esef· 15 Apr 2025derived |
Cash flow · ISK
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 37.1 bn ISK
Key indicators
Coverage and freshness
Score by group
44% · 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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.0% | 71 (vs peers) | 24% |
| Net margin · Quality | 5.9% | 44 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.2x | 26 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 17.3x | 60 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet25/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial60/100 · 1/3 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
Ölgerðin Egill Skallagríms hf. (BERA.IC). Latest full fiscal year: 2026; data up to 2026-02-28.
Figures computed from the financial statements: revenue 36.6 bn ISK in 2026; YoY growth 7.7%; net margin 5.9%; ROE 13.7%.
The estimated value range is 8.06–10.80 ISK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.29 ISK, the price of 13.10 ISK leaves a potential of -29.1% (value / price − 1) and a margin of safety of -41.0% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.0%
What contradicts it
- Interest coverage: 3.2x
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Iceland · same country · compared with 10 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 | |
|---|---|---|---|---|---|---|
| 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 BERA.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (ISK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.99 Total return -36% · Per year -36% | 14.11 Total return 12% · Per year 12% | 21.22 Total return 67% · Per year 67% |
| 3 years | 8.27 Total return -28% · Per year -10% | 16.37 Total return 38% · Per year 11% | 26.96 Total return 122% · Per year 30% |
| 5 years | 8.55 Total return -19% · Per year -4% | 18.99 Total return 68% · Per year 11% | 34.25 Total return 192% · Per year 24% |
- Exit P/E± 4.09
- Net margin± 2.86
- Annual revenue growth± 2.28
- Annual dilution± 0.24
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
Bera hf. (Ölgerðin) is an Icelandic group in beverages and food products, whose consolidated sales grew in fiscal 2025-2026 while net profit fell. The acquisition of two companies in December 2025 significantly expanded the balance sheet and leverage, which matters for investors in 2026.
SWOT
Strengths
- Diversified portfolio of beverages and food products, with rising consolidated revenue and a solid position on the local market.
- Ability to generate significant operating cash flow that supports investment and debt repayment.
- Experience in integrating acquisitions, shown by the recent extension of activity into bakery products.
Weaknesses
- Net profit fell despite higher sales, indicating pressure on margins.
- Leverage rose after the acquisitions, and equity fell as a share of the balance sheet.
- The goodwill recognised is provisional, leaving room for later adjustments to the purchase price allocation.
Opportunities
- Integrating the acquisitions could generate cost and distribution synergies, if carried out as planned.
- Expanding the food product range could attract new customer categories.
- If interest rates fall, the cost of debt could become more sustainable and support profit.
Threats
- High financing costs could limit profit and the capacity to invest.
- Regulatory changes to excise duties and beverage taxes could affect margins.
- Local competition and rising raw material costs could reduce profitability.
Risks
- Higher leveragehigh
Net debt rose after the acquisition, and the ratio to EBITDA increased. A fall in EBITDA could make servicing the debt harder.
- Provisional acquisition accountingmedium
The purchase price allocation is provisional, and goodwill could be adjusted in later periods, with effects on the balance sheet.
- Falling net profitmedium
Net profit fell despite higher sales. If the trend continues, profitability could be affected.
- Integration riskmedium
Integrating the acquired companies may face operational difficulties that could delay the expected synergies.
- Tax regulationlow
Changes to alcohol and packaging taxes could influence prices and demand.
Investment thesis
What would need to be true (bull case)
- Consolidated sales rose, and the recent acquisition could add revenue and synergies if integration proceeds as planned.
- EBITDA remained almost flat, suggesting the core business stays solid even under higher costs.
- If interest rates ease, the financial burden could fall and profit could return to earlier levels.
What would break the thesis
- Net profit fell 12%, showing that sales growth did not translate into profitability.
- Leverage increased and equity fell as a share of the balance sheet, which could limit financial flexibility.
- Goodwill is provisional and leaves room for corrections, and any later impairment could affect future results.
What to watch
- Development of EBITDA and margin after integrating the acquisitionsFiscal 2026-2027
- Completion of the acquisition accounting and any adjustment of goodwillNext annual report
- Level of net debt relative to EBITDANext annual report
- Development of financing costs and net profitFiscal 2026-2027
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
Bera hf. is an Icelandic public limited company combining beverage and food production and distribution. According to the consolidated annual report for the year ended 28 February 2026, group net sales were 49.040 million ISK, up 7% on the prior year 1. The company ended the year with lower net profit as operating and financing costs rose.
In December 2025 the group bought Kjarnavörur ehf. and Gæðabakstur ehf. in full for a total purchase price of 7.415 million ISK 1. The accounting for this transaction is provisional, and the goodwill recognised at this stage is 4.945 million ISK 1. The acquisition changed the structure of the balance sheet and increased debt.
Segments
Beverages and sales
Gross sales of beverages and other products, after deducting excise duties on alcohol and packaging deposits, form the revenue base of the group. Gross profit was 14.566 million ISK in fiscal 2025-2026 1.
Food and bakery products
The acquisition of Gæðabakstur ehf. added bakery activities to the group's portfolio, while Kjarnavörur ehf. extended its food range. These entities contributed only partially to the year's results, as they were consolidated only from December 2025 1.
Market context
The group operates mainly on the Icelandic market, where consumption of beverages and food products is stable. Sales growth of 7% points to solid demand, but profitability was held back by higher costs and interest 1.
The Icelandic fast-moving consumer goods market is small, which means acquisitions have a visible effect on the balance sheet. For this reason an analytical view should track both organic growth and the contribution of acquisitions.
Trends
- Consolidation through acquisitionsmixed
The purchase of Kjarnavörur and Gæðabakstur brought new revenue but also goodwill and additional debt. If integration succeeds, the acquisition could support growth in the following years.
- Pressure on profitabilityheadwind
Net profit fell 12% despite higher sales, due to larger financing and amortisation costs. If these costs stay high, margins could remain under pressure.
- Stable domestic demandtailwind
Sales growth on the domestic market suggests relatively stable demand for the group's products, which supports revenue.
Competitive position
The supplied sources do not identify the group's direct competitors. A competitive analysis would need to be completed with data from other sources, since the annual report is limited to describing activities and results.
If the group operates in markets with international players, differentiation may rest on its own brands and local distribution. Without data from additional sources, this conclusion remains hypothetical.
- Local Icelandic beverage and food companies
Not identified in the supplied sources; requires separate verification.
- International beverage producers
Not named in the annual report; could be relevant in certain product categories.
- Bakery and food product operators
Relevant to the segment expanded through acquisition, but not identified in the source.
- Fast-moving consumer goods distributors
May compete for shelf space and margins, without being named in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202621 Apr 2026
- Annual report 202515 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2026-02-28 (ESEF) · SEC / Ölgerðin Egill Skallagrímsson hf. (Bera hf.) · 28 Feb 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.