olivLaw · European equity research
AS PRFoods PRF1T.TL
Estonia · Nasdaq Tallinn · ISIN EE3100101031 · Vertical: Listed companies from Estonia
AS PRFoods is an Estonian vertically integrated company that farms rainbow trout in Saaremaa and sells processed fish products. In fiscal 2022/2023 it moved from a net loss to a net profit, but its balance sheet shrank considerably and fish prices remain volatile. The company could benefit if higher prices for its fish persist.
At the close of 05 Nov 2026, AS PRFoods (PRF1T.TL) stock was 0.05 EUR (+1.92% on the day), with market capitalisation 2.1 m EUR, P/E 5.3 on diluted EPS of 0.01 EUR over the last 12 months, beta 0.30, 52-week range 0.05–0.09 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.4
- neutral
- Bollinger (20, 2)
- 0.05 – 0.05
- in the upper half of the band · %B 0.85 · band width 8.3%
- SMA 50 / 200
- 0.05 / 0.06
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −3.6% | +0.4% | −4.0 pp | — |
| 3 months | −7.0% | −3.3% | −3.8 pp | — |
| 6 months | −20.9% | +4.0% | −24.9 pp | — |
| Year to date | −7.0% | +8.1% | −15.1 pp | — |
| 1 year | −10.2% | +10.7% | −20.9 pp | −5.8% |
| 3 years | −75.9% | +50.1% | −126.0 pp | −7.9% |
| 5 years | −85.8% | +43.6% | −129.4 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 1-quarter history (min 22.4, median 22.4, max 22.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 58.7 m | 42.1 m | 19.6 m |
| Revenue YoY | unavailable | −28.2% | −53.5% |
| Net income | -5.1 m | -8.1 m | 303.0 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.11 | -0.17 | 0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -8.6% | -19.3% | 1.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 30 Jun 2023
- Cash
- 394.0 k EUR
- Financial debt
- 15.0 m EUR
- Net debt
- 14.6 m EUR
- Equity
- 8.3 m EUR
- Total assets
- 30.2 m EUR
- Debt / equity
- 1.81x
- Current ratio
- 1.00x
- ROE
- 3.7%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 58.7 m | 42.1 m | 19.6 m | esef· 24 Apr 2024verified |
| Cost of revenue | 53.7 m | 39.0 m | 16.0 m | esef· 24 Apr 2024verified |
| Gross profit | 5.0 m | 3.1 m | 3.6 m | esef· 24 Apr 2024verified |
| Operating income | -3.9 m | -4.2 m | -970.0 k | esef· 24 Apr 2024verified |
| Interest expense | 1.1 m | 1.7 m | 1.2 m | esef· 24 Apr 2024verified |
| Pre-tax income | -5.0 m | -8.2 m | 396.0 k | esef· 24 Apr 2024verified |
| Income tax | 193.0 k | -63.0 k | 65.0 k | esef· 24 Apr 2024verified |
| Net income | -5.1 m | -8.1 m | 303.0 k | esef· 24 Apr 2024verified |
| Diluted EPS | -0.11 | -0.17 | 0.01 | esef· 24 Apr 2024verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.5 m | 110.0 k | 394.0 k | esef· 24 Apr 2024verified |
| Receivables | 3.5 m | 2.2 m | 1.8 m | esef· 24 Apr 2024verified |
| Inventories | 5.7 m | 2.2 m | 1.9 m | esef· 24 Apr 2024verified |
| Current assets | 16.5 m | 7.9 m | 5.1 m | esef· 24 Apr 2024verified |
| Property, plant & equipment, net | 15.3 m | 8.9 m | 6.6 m | esef· 24 Apr 2024verified |
| Total assets | 55.6 m | 38.9 m | 30.2 m | esef· 24 Apr 2024verified |
| Accounts payable | 12.1 m | 4.0 m | 3.0 m | esef· 24 Apr 2024verified |
| Long-term debt | 17.6 m | 17.7 m | 15.0 m | esef· 24 Apr 2024verified |
| Current liabilities | 19.7 m | 11.1 m | 5.1 m | esef· 24 Apr 2024verified |
| Total liabilities | 39.8 m | 30.9 m | 22.0 m | esef· 24 Apr 2024verified |
| Equity | 15.8 m | 8.1 m | 8.3 m | esef· 24 Apr 2024verified |
| Shares outstanding at year end | 39.0 m | 38.8 m | — | esef· 24 Apr 2024derived |
Cash flow · EUR
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: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · 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: 0.08 – 0.17 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/E0.08 – 0.17 (Mid 0.14)6 companies used · median multiple 14.1x · quartiles 8.2x – 16.9xHPR1T.TL, NCN1T.TL, SFG1T.TL, TAL1T.TL, TSM1T.TL, TVE1T.TL
- 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.3% | 0 (vs peers) | 28% |
| Net margin · Quality | 1.5% | 11 (vs peers) | 17% |
| 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 | -0.8x | 0 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 5.3x | 86 (vs peers) | 28% |
| 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 sheet7/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial86/100 · 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
AS PRFoods (PRF1T.TL). Latest full fiscal year: 2023; data up to 2023-06-30.
Figures computed from the financial statements: revenue 19.6 m EUR in 2023; YoY growth -53.5%; net margin 1.5%; ROE 3.8%.
The estimated value range is 0.08–0.17 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.14 EUR, the price of 0.05 EUR leaves a potential of 165.7% (value / price − 1) and a margin of safety of 62.4% (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: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 5.3x
- The price is below the estimated value range
What contradicts it
- ROIC: -3.3%
- Net margin: 1.5%
- Interest coverage: -0.8x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Estonia · same country · compared with 9 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 | |
|---|---|---|---|---|---|---|
| TAL1T.TLAktsiaselts Tallink Grupp | 482.6 m | 34.6 | 2.0% | 1.8% | +61.7% | +15% / −3% |
| TSM1T.TLaktsiaselts TALLINNA SADAM | 327.2 m | 17.1 | 5.1% | 16.0% | +2.5% | −1% / +7% |
| TVE1T.TLAktsiaselts Tallinna Vesi | 217.4 m | 16.4 | 11.2% | 20.6% | +5.3% | +2% / +0% |
| LVN1T.TLLiven AS | 38.2 m | 70.0 | 3.1% | 2.0% | −23.8% | unavailable / unavailable |
| SFG1T.TLAktsiaselts Silvano Fashion Group | 37.2 m | 3.8 | 20.1% | 16.9% | +1.6% | −7% / −6% |
| NCN1T.TLNordecon AS | 17.1 m | 7.0 | 7.7% | 0.8% | +26.5% | −12% / −10% |
| HPR1T.TLHepsor AS | 16.5 m | 11.8 | 7.2% | 10.8% | −14.0% | −30% / −41% |
| PRF1T.TLAS PRFoods | 2.1 m | 5.3 | 3.8% | 1.5% | −53.5% | −9% / −74% |
| PKG1T.TLAS Pro Kapital Grupp | — | — | 106.4% | 69.0% | +216.0% | −47% / −46% |
| TKM1T.TLTallinna Kaubamaja Grupp AS | — | — | 8.8% | 2.6% | +3.4% | −4% / −10% |
1- and 3-year price returns: for PRF1T.TL 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.02 Total return -58% · Per year -58% | 0.04 Total return -26% · Per year -26% | 0.06 Total return 12% · Per year 12% |
| 3 years | 0.02 Total return -67% · Per year -31% | 0.04 Total return -33% · Per year -12% | 0.06 Total return 12% · Per year 4% |
| 5 years | 0.01 Total return -74% · Per year -23% | 0.03 Total return -40% · Per year -10% | 0.06 Total return 12% · Per year 2% |
- Exit P/E± 0.01
- Net margin± 0.01
- Annual revenue growth± 0.01
- Annual dilution± 0.00
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
AS PRFoods is an Estonian vertically integrated company that farms rainbow trout in Saaremaa and sells processed fish products. In fiscal 2022/2023 it moved from a net loss to a net profit, but its balance sheet shrank considerably and fish prices remain volatile. The company could benefit if higher prices for its fish persist.
SWOT
Strengths
- Vertical integration that reduces aquaculture risks and secures raw material supply.
- Fast access to raw material from own farms in Saaremaa.
- Better control over processing and sale of products.
Weaknesses
- Shrinking balance sheet and earlier negative financial results.
- Dependence on fish prices, which are unstable.
- Limited liquidity, with significant short-term liabilities relative to current assets.
Opportunities
- Higher trout and salmon prices could improve results.
- Lower personnel costs could raise margins.
- Steady demand for farmed fish in Northern Europe.
Threats
- Fish price fluctuations can affect the valuation of biomass.
- Competition from Norway and other countries may pressure prices.
- Supply chain disruptions and fish disease can affect production.
Risks
- Fish price volatilityhigh
Fish prices can fall quickly, affecting the biological value of stocks and results.
- Liquidity and debthigh
Short-term debt could strain cash flow if revenues decline.
- Biological risksmedium
Disease and feed quality can reduce farm yields.
- Concentration in Estoniamedium
Most farms are in Estonia, concentrating geographic risk.
- Share liquiditylow
Share trading is infrequent, which may limit liquidity for investors.
Investment thesis
What would need to be true (bull case)
- If fish prices stay high, operating results could keep improving.
- Vertical integration gives control over costs and supply.
- Lower personnel costs could support margins over the medium term.
What would break the thesis
- Price volatility could wipe out gains and affect the value of biological stocks.
- A balance sheet with high short-term debt leaves limited room to manoeuvre.
- Competition from Norway could pressure selling prices.
What to watch
- Trend in trout and salmon prices2024
- Level of short-term debtnext 10-K
- Biomass volume and farm output2024
- Net result and EBITDAnext 10-K
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
PRFoods operates in aquaculture, production and sale of fish and fish products, using a vertically integrated model. About two thirds of its rainbow trout raw material comes from its own farms in the coastal waters of Saaremaa, allowing fast and reliable deliveries. The group therefore has more control over processing and marketing. 1
Segments
Aquaculture
The aquaculture segment covers the group's rainbow trout farms in Estonia, where the company holds biomass until maturity. Biomass volume fell in fiscal 2022/2023 following the sale of the Swedish unit. 1
Processing and sales
The processing and sales segment turns fish into finished products and sells them. Transport and logistics costs are the largest part of operating expenses. 1
Market context
Farmed fish prices are set by global supply and demand, and large producers fix production plans three years ahead. Average salmon and trout prices rose compared with the previous fiscal year but fell from the end of the prior period. 1
Trends
- Rising fish pricestailwind
Average salmon and trout prices rose in fiscal 2022/2023, which increases the biological value of stocks. If this persists, results could improve.
- Price volatilityheadwind
Fish prices are unstable and can fall quickly, affecting the valuation of biological assets and financial results.
- Lower biomassmixed
The sale of the Swedish unit reduced biomass volume, changing the structure of activity and the balance sheet.
- Lower personnel costsmixed
Reduced staffing and wage costs could improve margins but may affect operational capacity.
Competitive position
The farmed fish market is competitive, with large producers in Norway and other countries fixing long-term production plans. Competition influences prices and access to raw material.
- Mowi ASA
large Norwegian salmon producer with vertically integrated operations
- SalMar ASA
Norwegian salmon producer with own farming and processing
- Lerøy Seafood Group
Norwegian seafood producer with integrated activity
- Överumans Fisk AB
Swedish aquaculture farm cited in the report as a market reference
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202324 Apr 2024
- Annual report 202224 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2023-06-30 (ESEF) · SEC / AS PRFoods · 30 Jun 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.