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Arctic Fish Holding AS (AFISH) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Arctic Fish Holding AS NOK 12.44, price NOK 24.60, upside -49.5%, quality 24 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Consumer Defensive · NO

AF Thin data Sep 24, 2026

Arctic Fish Holding AS

AFISH · OL

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 12.44 · Strongly overvalued (−49%)
!Quality 24/100
!Weak Growth (revenue 5y −25.0 %/yr)
!Loss-making · -16.8% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (1/11)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
!Weak on balance sheet: 29 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 110.00 kr 23.00 Fair Value kr 12.44 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range kr 23.00 – kr 110.00 · fair‑value band kr 9.28 – kr 18.56 · the kr 24.60 price screens above the kr 12.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Arctic Fish Holding AS, together with its subsidiaries, engages in the salmon farming activities in the Westfjords, Iceland. It produces smolt and rainbow trout in the freshwater hatchery. The company also exports its products worldwide. Arctic Fish Holding AS was founded in 2011 and is based in Isafjordur, Iceland.

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Arctic Fish Holding AS, together with its subsidiaries, engages in the salmon farming activities in the Westfjords, Iceland. It produces smolt and rainbow trout in the freshwater hatchery. The company also exports its products worldwide. Arctic Fish Holding AS was founded in 2011 and is based in Isafjordur, Iceland. The company operates as a subsidiary of Mowi ASA.

Stock analysis

Arctic Fish Holding AS (AFISH) currently trades at kr 24.60, while our model-based Fair Value estimate is kr 12.44, implying the stock looks roughly 97.8% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: kr 9.28 (bear) to kr 18.56 (bull), the price of kr 24.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 24/100 (below-average quality), in the Consumer Defensive sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Arctic Fish Holding AS reported revenue of €89.3M in FY2025 versus €596M in FY2021, a compound −37.8%/yr. Reported net income was −€25.1M in FY2025.

Key figures

Market cap 1.1B NOK (≈ $117M) · P/S ratio 10.2 · EPS (TTM) kr −7.99 · Net margin −28.0% · Return on equity −21.7% · Return on assets (EBIT) 2.9% · Operating margin −19.1% · Revenue (TTM) €106M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 42% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Defensive peers we cover trades at −19% fair-value upside, at −49%, AFISH screens richer than that median.

Fair Value models

Bear kr 9.28 Fair Value kr 12.44 Bull kr 18.56
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) kr 1.09 kr 1.46 kr 2.18 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 1.09 kr 1.46 kr 2.18 54

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Quality Score breakdown

Overall quality 24/100

Of which business quality 26 · Market factors (momentum, volatility) 22

Profitability 7
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+10.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−46.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−25.0%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.0%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
0.4% (2020) → −22.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

AFISH screens 98% overvalued. Compare with Archer-Daniels-Midland Company →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Farm Products · 297 stocks

Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 26 · Bottom 25%
Fair Value upside −49% · Bottom 25%
Profitability
Return on assets −1% · Bottom 25%
Net margin (TTM) −17% · Bottom 25%
Operating margin (TTM) −19% · Bottom 25%
Growth and dividend
Revenue growth 75% · Top 25%
Balance sheet
Debt / equity 1.42× · Highest 25%

Valuation Multiplesvs Farm Products median · lower = cheaper

P/B 1.19× · Pricier than median
P/S (TTM) 1.10× · Pricier than median
EV/EBITDA 41.9× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 33
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)0 · sector 19
HEALTH (low debt)29 · sector 94
DIVIDEND (yield)0 · sector 47

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Archer-Daniels-Midland Company ADM $82.34 $38.02 −54%
Muyuan Foods Group 002714 ¥41.86 ¥114.67 +174%
Bunge Global SA BG $110.00 $56.19 −49%
Tyson Foods, Inc TSN $51.82 $37.28 −28%
Wens Foodstuff Group 300498 ¥14.90 ¥12.08 −19%
Mowi ASA MOWI kr 196.70 kr 280.64 +43%
SalMar ASA SALM kr 561.00 kr 171.05 −70%
PT Pradiksi Gunatama Tbk PGUN 9,400 IDR 1,200 IDR −87%
Fujian Wanchen Food Group 300972 ¥163.80 ¥311.94 +90%
United Plantations Berhad 2089 33.20 MYR 36.52 MYR +10%

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Arctic Fish Holding AS · Fair Value
kr 12.44 −98%Fair Value
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Cite: Fair Value Calculator (2026). "Arctic Fish Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/AFISH

Frequently asked questions

Is Arctic Fish Holding AS (AFISH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 12.44 versus a price of kr 24.60, about −49% upside (overvalued).
What is the fair value of AFISH?
Our model-based fair value for Arctic Fish Holding AS is kr 12.44 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 24.60.
What is the quality score of AFISH?
Arctic Fish Holding AS has a Quality Score of 24/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Arctic Fish Holding AS (AFISH)?
Our model-based price target is the fair value of kr 12.44 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 9.28, optimistic scenario kr 18.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Arctic Fish Holding AS stock forecast for 2026?
Our models put fair value at kr 12.44, about −49% upside versus a price of kr 24.60 (overvalued). Cautious scenario kr 9.28, optimistic scenario kr 18.56. The calculation is refreshed regularly with new filings.
What is the revenue of Arctic Fish Holding AS (AFISH)?
Arctic Fish Holding AS reported trailing-twelve-month revenue of about €106M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Arctic Fish Holding AS (AFISH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Arctic Fish Holding AS it is kr 12.44 per share (as of Sep 24, 2026), against a price of kr 24.60. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Arctic Fish Holding AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AFISH trades above its calculated fair value: price kr 24.60, fair value kr 12.44, a gap of about −49% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AFISH?
No. The price is what the market pays today (kr 24.60); the fair value is what the company's own numbers justify (kr 12.44). For Arctic Fish Holding AS the two are kr 12.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Arctic Fish Holding AS worth?
The market values Arctic Fish Holding AS at about 1.1B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 24.60; our models calculate a fair value of kr 12.44 per share.
What do the bullish and bearish scenarios say about AFISH?
Our models span a range for Arctic Fish Holding AS: cautious scenario kr 9.28, base kr 12.44, optimistic kr 18.56 per share (as of Sep 24, 2026, price kr 24.60). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Arctic Fish Holding AS (AFISH)?
Balance-sheet figures for Arctic Fish Holding AS (as of Sep 24, 2026): return on equity −21.7%, debt of 1.42 per unit of equity. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is AFISH from its 52-week high?
Arctic Fish Holding AS trades at kr 24.60, about 42% below its 52-week high of kr 42.60 and 7% above the low of kr 23.00 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 12.44 is for.
Which stocks are comparable to Arctic Fish Holding AS?
From the same area (Consumer Defensive) we also value Archer-Daniels-Midland Company, Muyuan Foods Group, Bunge Global SA, Tyson Foods, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Arctic Fish Holding AS stock attractive at the current price?
The data as of Sep 24, 2026: price kr 24.60, calculated fair value kr 12.44 (−49%), Quality Score 24/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AFISH calculated?
We run Arctic Fish Holding AS through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 12.44, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Arctic Fish Holding AS itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Arctic Fish Holding AS (AFISH)?
The closing price on Sep 23, 2026 was kr 24.60. Our model-based fair value is kr 12.44, about −49% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Arctic Fish Holding AS right now?
The price sits above even our optimistic bull case (kr 18.56). The favourable scenario is already priced in. Weak quality (24/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 9.28 to kr 18.56) leaves room in how you read the outcome.

Key figures of Arctic Fish Holding AS

How large is the market capitalisation of Arctic Fish Holding AS (AFISH)?
The market capitalisation of Arctic Fish Holding AS is 1.1B NOK (≈ $117M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Arctic Fish Holding AS (AFISH)?
The price-to-sales ratio of Arctic Fish Holding AS is 10.2 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Arctic Fish Holding AS (AFISH)?
Earnings per share at Arctic Fish Holding AS are kr −7.99. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Arctic Fish Holding AS (AFISH)?
The net margin of Arctic Fish Holding AS is −28.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Arctic Fish Holding AS (AFISH)?
The return on equity (ROE) of Arctic Fish Holding AS is −21.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Arctic Fish Holding AS (AFISH)?
On an EBIT basis the return on assets of Arctic Fish Holding AS is 2.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Arctic Fish Holding AS (AFISH)?
The operating margin of Arctic Fish Holding AS is −19.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Arctic Fish Holding AS (AFISH)?
Revenue at Arctic Fish Holding AS is growing +75.2% versus a year earlier (3y avg −46.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Arctic Fish Holding AS (AFISH)?
Earnings per share at Arctic Fish Holding AS are growing −21.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Arctic Fish Holding AS (AFISH) generate?
The free cash flow of Arctic Fish Holding AS is −€10.4M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Arctic Fish Holding AS (AFISH) carry?
The net debt of Arctic Fish Holding AS is €140M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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