SalMar (AO) | Hold | SalMar acquires Måsøval: mildly accretive on EV/kg, dilutive 2026E EPS

Research evidence excerpt

SalMar (AO) | Hold | SalMar acquires Måsøval: mildly accretive on EV/kg, dilutive 2026E EPS

SalMar Hold | Target Price: NOK610.00

Company description Management

SalMar ASA is the world’s second-largest producer of Atlantic salmon, with a Frode Arntsen, CEO

global market share of around 11% following its acquisitions of NRS and Ulrik Steinvik, CFO

Salmonor. The company operates in central and northern Norway, with Gustav Witzoe, Chairman

additional interests in Iceland and Scotland. Known for its strong biological Key shareholders

performance, cost efficiency, and innovation in sustainable aquaculture, SalMar Free float 50.00%

maintains high margins and a leading position in the salmon market. Kverva 44.85%

Folketrygdfondet 5.23%

State Street Bank and Trust Comp 4.10%

Investment case Valuation methodology

SalMar is considered a premium salmon farmer. The company is We value SalMar based on a DCF model. We use a real WACC of

mainly located in Norway (central and north) but has a JV in 8% and terminal growth of 2%.

Scotland and owns 51% of Icelandic salmon. SalMar has best-in- We also apply a P/E multiple approach.

class EBIT/kg in Norway. This has been possible due to excellent Our target price is derived from a 50/50 blend of the two

farming locations and strong fish health. approaches.

Equity story hinges on a biological turnaround in Central Risks to our rating

Norway, with increased price achievement and volume output A fall in salmon prices due to stronger-than-expected supply is

aligning with the CMD target. always a risk. As the company has relatively fixed costs,

A Hold rating due to macro environment, with softer demand, operating leverage is significant and thus periods of low salmon

US tariffs, and current oversupply in the salmon market.