SalMar ASA

SALM.OL

SALM.OLSalMar ASA NO flag

Oslo Stock Exchange

435.40

NOK

-12.80

(-2.86%)

13.59EPS

32.04P/E

58.19BMarket Cap

Aug 21Next Earn

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ISIN

NO0010310956

Return %

Stock

S&P500

-27.91

9.22

-38.68

59.29

-0.25

93.57

Use logarithmic scale

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	TTM
Revenue per Share	37.46	54.97	63.93	65.2	79.92	95.74	100.39	108.2	113.83	129.39	167.53	213.76	199.71	190.52
Basic EPS, GAAP	4.19	15.8	10.65	9.85	23.51	20.24	31.7	22.06	17.52	22.61	27.65	24.37	22.53	13.65
Free Cash Flow per Basic Share	1.67	7.12	14.71	14.48	24.29	30.04	24.71	14.92	-5.1	5.91	14.75	50.38	21.24	12.59
Dividend per Share	0.03	- -	8.02	10.04	10.04	12.16	19.07	23.21	13.22	19.63	20.08	20.9	35.53	36.04
Book Value per Share	21.21	37.73	0.25	0.25	0.25	0.25	0.25	74.41	81.34	84.98	57.04	75.19	61.79	58.76
Tangible Book Value per Share	7.46	22.92	19.99	20.65	33.62	42.22	50.95	44.32	36.84	60.08	48.95	33.43	5.67	2.91
Basic Weighted Avg Shares	112	113	112	112	112	112	113	113	113	116	120	131	132	131
Sales/Revenue/Turnover	4,180	6,228	7,160	7,304	8,963	10,755	11,301	12,202	12,857	14,972	20,070	28,099	26,318	25,012
Operating Margin (%)	16.04	31.37	25.31	19.86	34.6	24.6	39.16	23.9	22.19	24.28	23.16	31.31	19.99	15.41
Depreciation Expense	170	226	278	321	358	419	488	718	812	807	1,038	1,452	1,759	1,801
Net Income, GAAP	467	1,790	1,192	1,103	2,637	2,274	3,568	2,488	1,979	2,617	3,312	3,203	2,969	1,792
Effective Tax Rate (%)	20.88	18.03	25.38	18.42	20.68	19.55	19.61	19.44	21.91	21.22	20.91	62.29	26.09	29.16
Profit Margin (%)	11.18	28.74	16.66	15.11	29.42	21.14	31.58	20.39	15.39	17.48	16.5	11.4	11.28	7.16
Working Capital	1,689	3,974	3,136	3,258	3,607	2,576	3,424	4,191	3,107	5,558	12,048	8,004	7,581	10,239
LT Debt	2,223	2,446	2,192	2,753	2,440	1,156	1,019	3,240	4,447	5,657	19,502	13,713	16,738	19,746
Total Equity	2,968	5,061	5,137	5,227	6,681	7,668	9,140	9,740	10,987	15,483	24,155	23,079	20,239	20,969
Return on Invested Capital (%)	9.85	23.39	17.09	14.51	27.13	21.87	33.37	18.31	14.03	14.18	10.07	7.25	9.38	6.65
Return on Capital (%)	11.64	28.4	25.21	41.68	94.17	109.55	214.55	34.77	14.13	15.53	11.98	10.89	12.92	10.62
Return on Common Equity (%)	21.7	53.9	55.42	3,895.11	9,310.08	8,028.18	12,598.1	59.1	22.52	27.51	39.74	38.32	32.94	46.26

Capital Structure

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in mil. unless spec.

Working Capital

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in mil. unless spec.

Growth Rates

FRC

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in mil. unless spec.

(avg. rate of change)	10 years	5 years	1 year
Sales/Revenue/Turnover	14.73%	17.9%	-6.34%
Net Income, GAAP	17.21%	5.55%	-7.31%
Free Cash Flow	5.55%	4.47%	-57.73%
Total Cash Common Dividend	22.54%	19.94%	70.38%
Total Equity	16.31%	18.59%	-12.31%

Growth Rates

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in mil. unless spec.

Quarterly Revenue

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in mil. unless spec.

Quarterly Earnings Per Share

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in mil. unless spec.

Quarterly Dividends Per Share

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in mil. unless spec.

Company Description

CEO: Mr. Frode Arntsen
Full Time Employees: 3,073
Sector: Consumer Defensive
Industry: Agricultural Farm Products
Address: Industriveien 51 Kverva Norway 7266
IPO Date: May 8, 2007
Website: salmar.no
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Business: SalMar ASA, an aquaculture company, produces and sells farmed salmon in Asia, the United States, Canada, Norway, rest of Europe, and internationally. It is involved in the broodfish, lumpfish, and smolt production activities; and marine-phase farming, harvesting, packaging, processing, and selling farmed salmon. The company sells its products to importers/exporters, processing companies, and retail chains through in-house sales force and/or through partners. SalMar ASA was founded in 1991 and is headquartered in Kverva, Norway.

	Sep'24	Dec'24	Mar'25
ST Debt	3,187	2,274	2,569
LT Borrowings	15,667	15,464	18,545
LT Finance Leases	1,357	1,274	1,201
Preferred Equity and Hybrid Capital	- -	- -	- -
Shares Outstanding	132	132	134
Market Capitalization	72,753	71,085	66,167

	Sep'24	Dec'24	Mar'25
Total Current Assets	18,172	17,925	17,104
Accounts Receivable, Net	1,207	1,517	1,171
Cash, Cash Equivalents & STI	490	331	338
Inventories	15,730	15,247	14,863
Total Current Liabilities	11,119	10,344	6,865
Payables & Accruals	- -	- -	- -
ST Debt	3,187	2,274	2,569
Deferred Revenue	- -	- -	- -

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	TTM
Revenue per Share	37.46	54.97	63.93	65.2	79.92	95.74	100.39	108.2	113.83	129.39	167.53	213.76	199.71	190.52
Basic EPS, GAAP	4.19	15.8	10.65	9.85	23.51	20.24	31.7	22.06	17.52	22.61	27.65	24.37	22.53	13.65
Free Cash Flow per Basic Share	1.67	7.12	14.71	14.48	24.29	30.04	24.71	14.92	-5.1	5.91	14.75	50.38	21.24	12.59
Dividend per Share	0.03	- -	8.02	10.04	10.04	12.16	19.07	23.21	13.22	19.63	20.08	20.9	35.53	36.04
Book Value per Share	21.21	37.73	0.25	0.25	0.25	0.25	0.25	74.41	81.34	84.98	57.04	75.19	61.79	58.76
Tangible Book Value per Share	7.46	22.92	19.99	20.65	33.62	42.22	50.95	44.32	36.84	60.08	48.95	33.43	5.67	2.91
Basic Weighted Avg Shares	112	113	112	112	112	112	113	113	113	116	120	131	132	131
Sales/Revenue/Turnover	4,180	6,228	7,160	7,304	8,963	10,755	11,301	12,202	12,857	14,972	20,070	28,099	26,318	25,012
Operating Margin (%)	16.04	31.37	25.31	19.86	34.6	24.6	39.16	23.9	22.19	24.28	23.16	31.31	19.99	15.41
Depreciation Expense	170	226	278	321	358	419	488	718	812	807	1,038	1,452	1,759	1,801
Net Income, GAAP	467	1,790	1,192	1,103	2,637	2,274	3,568	2,488	1,979	2,617	3,312	3,203	2,969	1,792
Effective Tax Rate (%)	20.88	18.03	25.38	18.42	20.68	19.55	19.61	19.44	21.91	21.22	20.91	62.29	26.09	29.16
Profit Margin (%)	11.18	28.74	16.66	15.11	29.42	21.14	31.58	20.39	15.39	17.48	16.5	11.4	11.28	7.16
Working Capital	1,689	3,974	3,136	3,258	3,607	2,576	3,424	4,191	3,107	5,558	12,048	8,004	7,581	10,239
LT Debt	2,223	2,446	2,192	2,753	2,440	1,156	1,019	3,240	4,447	5,657	19,502	13,713	16,738	19,746
Total Equity	2,968	5,061	5,137	5,227	6,681	7,668	9,140	9,740	10,987	15,483	24,155	23,079	20,239	20,969
Return on Invested Capital (%)	9.85	23.39	17.09	14.51	27.13	21.87	33.37	18.31	14.03	14.18	10.07	7.25	9.38	6.65
Return on Capital (%)	11.64	28.4	25.21	41.68	94.17	109.55	214.55	34.77	14.13	15.53	11.98	10.89	12.92	10.62
Return on Common Equity (%)	21.7	53.9	55.42	3,895.11	9,310.08	8,028.18	12,598.1	59.1	22.52	27.51	39.74	38.32	32.94	46.26

Year	Q1	Q2	Q3	Q4	FY
2023	6,792	5,895	7,471	8,019	28,099
2024	6,504	5,838	6,122	7,876	26,318
2025	5,176	- -	- -	- -	- -

Year	Q1	Q2	Q3	Q4	FY
2023	13.2	-6.4	7.6	10	24.37
2024	6.2	6.5	2.2	7.6	22.53
2025	-2.7	- -	- -	- -	- -

Year	Q1	Q2	Q3	Q4	FY
2023	- -	20.43	0.11	0.3	20.9
2024	- -	35.19	0.29	- -	35.53
2025	0.37	- -	- -	- -	- -

SalMar ASA

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