olivLaw · European equity research
Eimskipafélag Íslands hf. EIM.IC
Iceland · Nasdaq Iceland · ISIN IS0000019800 · Vertical: Listed companies from Iceland
Eimskip is an Icelandic shipping and logistics operator specialised in temperature-controlled cargo on North Atlantic routes, where goods sensitive to temperature tend to be less exposed to economic cycles. The company enters 2026 with elevated leverage and cost pressure from the EU ETS, which makes its debt and compliance indicators relevant.
At the close of 05 Nov 2026, Eimskipafélag Íslands hf. (EIM.IC) stock was 294.00 ISK (−2.00% on the day), with beta 0.30, 52-week range 220.00–310.00 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)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 266.46 – 313.54
- in the upper half of the band · %B 0.58 · band width 16.2%
- SMA 50 / 200
- 278.31 / 258.32
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.11 / 7.54
- 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 | +6.5% | +0.4% | +6.1 pp | — |
| 3 months | +12.6% | −3.3% | +15.9 pp | — |
| 6 months | +22.5% | +4.0% | +18.5 pp | — |
| Year to date | +8.1% | +8.1% | −0.0 pp | — |
| 1 year | +1.4% | +10.7% | −9.3 pp | −10.7% |
| 3 years | −34.2% | +50.1% | −84.3 pp | +17.9% |
| 5 years | −41.0% | +43.6% | −84.6 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 | 817.9 m | 847.1 m | 807.5 m |
| Revenue YoY | unavailable | +3.6% | −4.7% |
| Net income | 54.1 m | 29.8 m | 9.7 m |
| Net income YoY | unavailable | −44.9% | −67.5% |
| Diluted EPS | 0.32 | 0.18 | 0.06 |
| Diluted EPS YoY | unavailable | −43.5% | −67.8% |
| net % | 6.6% | 3.5% | 1.2% |
| Free cash flow | 59.7 m | 42.5 m | 27.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 25.7 m EUR
- Financial debt
- 140.8 m EUR
- Net debt
- 115.2 m EUR
- Equity
- 298.0 m EUR
- Total assets
- 638.9 m EUR
- Debt / equity
- 0.47x
- Current ratio
- 1.37x
- ROE
- 3.1%
- ROA
- 1.5%
- FCF margin
- 3.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 817.9 m | 847.1 m | 807.5 m | esef· 10 Mar 2026verified |
| Operating income | 61.0 m | 34.9 m | 9.2 m | esef· 10 Mar 2026verified |
| Interest expense | 11.9 m | 14.7 m | 15.7 m | esef· 10 Mar 2026verified |
| Pre-tax income | 66.4 m | 36.8 m | 12.1 m | esef· 10 Mar 2026verified |
| Income tax | 11.8 m | 6.8 m | 2.7 m | esef· 10 Mar 2026verified |
| Net income | 54.1 m | 29.8 m | 9.7 m | esef· 10 Mar 2026verified |
| Diluted EPS | 0.32 | 0.18 | 0.06 | esef· 10 Mar 2026verified |
| Dividend per share | 0.13 | 0.15 | 0.09 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 32.5 m | 28.7 m | 25.7 m | esef· 10 Mar 2026verified |
| Receivables | 129.9 m | 143.2 m | 137.3 m | esef· 10 Mar 2026verified |
| Inventories | 11.4 m | 12.2 m | 10.0 m | esef· 10 Mar 2026verified |
| Current assets | 173.8 m | 184.2 m | 173.0 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 246.3 m | 249.1 m | 235.6 m | esef· 10 Mar 2026verified |
| Total assets | 618.8 m | 667.3 m | 638.9 m | esef· 10 Mar 2026verified |
| Accounts payable | 78.5 m | 87.4 m | 84.2 m | esef· 10 Mar 2026verified |
| Short-term debt | 11.6 m | 59.4 m | 16.1 m | esef· 10 Mar 2026verified |
| Long-term debt | 107.6 m | 80.5 m | 124.7 m | esef· 10 Mar 2026verified |
| Current liabilities | 124.7 m | 174.9 m | 126.1 m | esef· 10 Mar 2026verified |
| Total liabilities | 306.8 m | 350.4 m | 341.0 m | esef· 10 Mar 2026verified |
| Equity | 312.1 m | 316.9 m | 298.0 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 166.6 m | 162.2 m | 163.8 m | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 97.9 m | 66.9 m | 56.8 m | esef· 10 Mar 2026verified |
| Capex | 38.2 m | 24.4 m | 28.9 m | esef· 10 Mar 2026verified |
| Free cash flow | 59.7 m ≈ | 42.5 m ≈ | 27.9 m ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | -43.1 m | -29.1 m | -12.2 m | esef· 10 Mar 2026verified |
| Financing cash flow | -92.1 m | -42.1 m | -48.1 m | esef· 10 Mar 2026verified |
| Share repurchases | 5.4 m | 1.3 m | 4.0 m | esef· 10 Mar 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
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
33% · 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: 1.02 – 1.73 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 · input data missing
- Peers: P/E1.02 – 1.21 (Mid 1.03)5 companies used · median multiple 17.4x · quartiles 17.3x – 20.5xASAR.IC, BERA.IC, FESTI.IC, HAGA.IC, NOVA.IC
- Dividend discount (DDM)1.27 – 1.73 (Mid 1.47)
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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.7% | 0 (vs peers) | 31% |
| Net margin · Quality | 1.2% | 0 (vs peers) | 19% |
| FCF conversion · Quality | 287.8% | 100 (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 | 0.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.4x | 48 (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 sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality27/100 · 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
Eimskipafélag Íslands hf. (EIM.IC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 807.5 m EUR in 2025; YoY growth -4.7%; net margin 1.2%; ROE 3.2%.
The estimated value range is 1.15–1.47 EUR per share (median of 2 methods, agreement: high); 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
- FCF conversion: 287.8%
What contradicts it
- ROIC: 1.7%
- Net margin: 1.2%
- Interest coverage: 0.6x
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 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 EIM.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
Eimskip is an Icelandic shipping and logistics operator specialised in temperature-controlled cargo on North Atlantic routes, where goods sensitive to temperature tend to be less exposed to economic cycles. The company enters 2026 with elevated leverage and cost pressure from the EU ETS, which makes its debt and compliance indicators relevant 1.
SWOT
Strengths
- Strong position in the home market of the North Atlantic and specialisation in temperature-controlled transport.
- A capital structure with an equity ratio close to the long-term target set by management.
- An undrawn revolving credit facility that provides liquidity under stressed conditions.
Weaknesses
- High leverage compared with the management benchmark, given the ratio of net debt to EBITDA.
- A decline in EBITDA from the prior year, which reduces financial room for manoeuvre.
- Dependence on a single geographic region, with demand concentrated in a few economies.
Opportunities
- Growing demand for refrigerated transport of food and pharmaceutical products.
- Shorter transit times and lower costs if Red Sea traffic returns to normal.
- Investment in more efficient fleet that could reduce exposure to emissions regulation.
Threats
- Rising emission allowance costs under the ETS, even if partly passed on to customers.
- Overcapacity in the world fleet, which could push freight rates down.
- Weaker industrial demand and uncertainty in world trade.
Risks
- Leverage and cost of debthigh
Net debt relative to EBITDA has risen above the management benchmark. Interest rate sensitivity is significant, and higher rates could reduce the result after tax.
- Cost of ETS emissionsmedium
The allowance requirement for maritime emissions has risen, and the company relies on a monthly ETS surcharge. If the surcharge does not fully cover the cost, margins could be affected.
- Marine fuel regulationmedium
The EU rule on greenhouse gas intensity of fuels could lead to penalties or extra investment if the fleet does not comply on time.
- Currency exposuremedium
Assets and liabilities in USD, ISK and other currencies create exchange rate exposure. The company uses hedges, but currency swings could still affect results.
- Geographic and commercial concentrationlow
Activity depends on a few North Atlantic markets. A slowdown in those economies could reduce transported volumes.
Investment thesis
What would need to be true (bull case)
- Specialisation in refrigerated transport and a high share of food in the cargo mix could support steadier revenue in uncertain economic periods.
- An undrawn credit line and an equity ratio near management's target give a financial base that could support investment.
- A reopening of the Red Sea route could lower costs and improve operating performance, if it materialises.
What would break the thesis
- High net debt relative to EBITDA and a fall in operating result could limit financial flexibility if costs rise.
- ETS and fuel regulation costs could grow faster than the tariffs the company can pass on to customers.
- Falling industrial demand and overcapacity in the world fleet could pressure rates and volumes in the short term.
What to watch
- Development of the net debt to EBITDA ratio against the 2 to 3 benchmark2026
- Level of the ETS surcharge and the actual cost of EUAs2026
- Effects of the Red Sea route reopening on freight rates2026
- Trends in industrial and food cargo volumes on North Atlantic routesnext 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
Eimskip operates as a liner shipping line and logistics company, focused on the temperature-controlled transport of food, pharmaceuticals and other high-value goods. Its home market covers Northern Norway, the Faroe Islands, Iceland, Greenland, Newfoundland and the New England area of the United States 1. About 50% of its liner cargo is food-related 1. EBITDA fell to 69.7 million EUR in 2025 from 97.8 million EUR in 2024 1.
Segments
Liner shipping
The liner segment serves mainly wealthy economies in the North Atlantic, including trans-Atlantic routes from Europe to North America via Iceland. According to the annual report, demand in the region remained at a similar level, while industrial cargo volumes could be lower 1.
Logistics
The logistics segment complements the shipping services and draws on the company's position in refrigerated transport. The source provided does not give separate figures for this segment, so its assessment remains qualitative 1.
Market context
The relevant market is container shipping and temperature-controlled transport in the North Atlantic. The report notes that a gradual reopening of the Red Sea route could affect freight rates because of overcapacity in the world vessel fleet 1. With about 50% of liner cargo food-related, demand depends more on essential goods than on industrial cycles 1.
Trends
- EU Emissions Trading Systemheadwind
Since 2024 shipping has been included in the ETS, and the allowance requirement rose to 70% of covered emissions in 2025. The cost of EUAs is passed on through an ETS surcharge updated monthly, which limits exposure to the certificate price 1.
- EU Fuel Maritime regulationmixed
From 1 January 2025 the EU regulation on greenhouse gas intensity of marine fuels applies. The company assesses potential penalties and investments in alternative fuels, with fleet renewal as the main mitigation 1.
- Reopening of the Suez Canal routemixed
The Suez Canal blockage, in place since December 2023, lengthened transit times. A gradual reopening through the Red Sea is expected in early 2026, which could change freight rates because of fleet overcapacity 1.
- Uncertainty in world tradeheadwind
The outlook for 2026 remains marked by uncertainty over world trade and demand. Trans-Atlantic transport demand could stay at the level of the last quarter of 2025, while industrial cargo is expected to decline 1.
Competitive position
The source provided does not name the company's competitors. The report does state that its specialisation in reefer logistics gives it an advantage, particularly in the North Atlantic region 1. The competitive pressure from other shipping operators cannot be fully assessed from this source alone.
- Container lines on trans-Atlantic routes
Potential competitors on North Atlantic routes, not named in the source provided. Their identity could not be confirmed from the annual report.
- Specialised reefer operators
Competitors in the temperature-controlled cargo segment, not named in the source provided. The report describes the company's advantage as regional specialisation.
- Multimodal logistics providers
Integrated logistics suppliers that could compete in the logistics segment, not named in the source provided.
- Regional North Atlantic carriers
Local carriers active in markets such as Greenland, the Faroe Islands and Newfoundland, not named in the source provided.
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 202406 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Eimskipafélag Íslands 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.