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AKVA group ASA (AKVA) Fair Value & Analysis

Industrials · NO · Market cap 4.6B NOK

AG AKVA group ASA AKVA · OL
Pricekr 132.50
Fair Valuekr 104.08
Upside-21.5%
Quality64/100
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Healthy Growth
Thin margins · 4.4% net margin
Moderate debt · generates free cash flow
1.57% dividend yield
Mixed vs. peers (6/15)
Moderate moat 45/100
Evidence: High Range kr 71.83 – kr 130.11 Share as image

Fair value as of: Jul 19, 2026

From 26 valuation models · updated 22 days ago

Share price +4.7% over the past month.

A solid business, but screening 21% overvalued on our models.

What matters now

  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 71.83 to kr 130.11) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 137.50 kr 45.63 Fair Value kr 104.08 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range kr 45.63 – kr 137.50 · fair‑value band kr 71.83 – kr 130.11 · the kr 132.50 price screens above the kr 104.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

Full chart & analysis →

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Analysis

AKVA group ASA (AKVA) currently trades at kr 132.50, while our model-based Fair Value estimate is kr 104.08, implying the stock looks roughly 21.5% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, AKVA group ASA generated revenue of 4.5B NOK at a net margin of 4.4%. Revenue grew 12.6% year over year. It earns a return on equity of 14.5%. Net debt stands at 951M NOK. Fundamentals as of Jul 19, 2026

Our scenario range runs from kr 71.83 (bear case) to kr 130.11 (bull case); at kr 132.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 92% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at -21%, AKVA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF kr 105.37 kr 207.05 kr 377.80 80
Residual Income kr 35.47 kr 42.66 kr 86.46 76
Rev-Margin DCF kr 66.80 kr 129.41 kr 214.10 74
All 26 models by family
DCF Models
FCF DCF kr 108.13 kr 224.69 kr 431.90 38
Owner Earnings kr 60.11 kr 134.04 kr 265.15 31
5Y Revenue Exit kr 66.80 kr 130.67 kr 217.87 39
5Y EBITDA Exit kr 105.66 kr 214.26 kr 354.43 41
5Y P/E Exit kr 68.79 kr 134.96 kr 211.98 38
10Y Revenue Exit kr 77.25 kr 143.46 kr 247.07 36
10Y EBITDA Exit kr 105.31 kr 204.82 kr 363.55 37
10Y P/E Exit kr 80.98 kr 146.62 kr 242.05 35
Earnings-Based
Graham-Dodd kr 33.70 kr 179.80 kr 249.05 54
Lynch FV kr 49.61 kr 70.88 kr 92.14 50
PEG = 1.0 kr 49.61 kr 70.88 kr 92.14 46
EPV kr 40.05 kr 49.98 kr 58.54 59
Dividend Discount
Gordon GGM kr 17.55 kr 34.97 kr 52.96 70
DDM Multi-Stage kr 17.55 kr 30.22 kr 36.91 61
Multiples
P/E Multiple kr 78.06 kr 104.08 kr 130.11 63
P/S Multiple kr 63.19 kr 84.26 kr 105.32 58
P/B Multiple kr 63.19 kr 84.26 kr 105.32 55
EV/EBIT kr 75.15 kr 107.81 kr 140.47 53
EV/EBITDA kr 113.35 kr 158.74 kr 204.13 54
EV/Revenue kr 47.11 kr 77.07 kr 107.04 43
Asset-Based
NCAV (Graham) kr 18.86 kr 25.28 kr 37.73 50
Growth DCF
Growth DCF kr 105.37 kr 207.05 kr 377.80 80
Rev-Margin DCF kr 66.80 kr 129.41 kr 214.10 74
Economic Profit
Residual Income kr 35.47 kr 42.66 kr 86.46 76
ROIC Compounder kr 41.45 kr 64.55 kr 87.49 72
Growth Earnings
Growth-Adj P/E kr 73.20 kr 104.57 kr 135.94 68

Widest divergence: DCF Models (kr 143.46) versus Asset-Based (kr 25.28). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 4.5B NOK
Revenue growth (YoY) +12.6%
Net margin 4.4%
Return on equity 14.5%
Free cash flow 368M NOK FY2025
P/E ratio 23.2
More key figures
Operating margin 8.0%
EPS (TTM) kr 5.44
Dividend yield 1.6%
EPS growth (YoY) +31.9%
Net debt 951M NOK FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 63 · Market factors (momentum, volatility) 82

Profitability 55
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 80
Price trend over the last 3–12 months (market factor)
52W Momentum 91
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

AKVA group ASA designs, purchases, manufactures, assembles, sells, and installs technology products; and provides rental and consulting services for the aquaculture industry. The company operates in three segments: Sea Based Technology (SBT), Digital, and Land Based Technology (LBT).

Full company description

AKVA group ASA designs, purchases, manufactures, assembles, sells, and installs technology products; and provides rental and consulting services for the aquaculture industry. The company operates in three segments: Sea Based Technology (SBT), Digital, and Land Based Technology (LBT). The SBT segment offers nets, plastic pens, steel pens, mooring, special nets, remotely operating vehicles systems, net cleaning, marine engineering, lab services, boats, additional equipment, pipes, feed barges, feed systems, lights, camera, sensors, and deep farming and lice control solutions. This segment also provides PE-boats for the fish-farming, diving, and the oil and gas service industries, as well as precision feeding solutions. The Digital segment provides monitoring and reporting solutions under the AKVA Fishtalk, AKVA connect, AKVA Submerged, and AKVA observe brand names. The LBT segment includes design, engineering, tanks, piping, feeding systems, software, cameras, and sensors, as well as provides water quality conditions for fresh and seawater operations. In addition, the company provides professional and preventive maintenance support services. It operates in Norway, Europe, Canada, China, Chile, Iceland, and internationally. The company was incorporated in 1982 and is headquartered in Klepp Stasjon, Norway. AKVA group ASA is a subsidiary of Egersund Group AS.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AKVA group ASA reported revenue of kr 4.4B in FY2025 versus kr 3.1B in FY2021, a compound +9.1%/yr. Reported net income was kr 180M in FY2025, compounding +99.1%/yr from FY2021.

Growth Quality 78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
4.4B NOK
Latest YoY
+25.2%
Avg. growth/yr (3Y) 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.
+9.9%
Avg. growth/yr (5Y) 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.
+6.9%
Avg. growth/yr (25Y) 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.
+15.8%
Revenue +9.1%/yr
FY21 kr 3.1B
FY22 kr 3.3B
FY23 kr 3.4B
FY24 kr 3.5B
FY25 kr 4.4B
Net income +99.1%/yr
FY21 kr 11.5M
FY22 −kr 131M
FY23 −kr 17.8M
FY24 kr 130M
FY25 kr 180M
Character of growth · EPS growth decomposed (2011-2022) +21.1 % p.a.
Revenue per share +11.2 pp

of which total revenue +15.7 pp · buybacks/dilution −4.5 pp

EBIT margin +2.9 pp
Tax rate +1.2 pp
Residual (interest, one-offs) +5.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

AKVA screens 21% overvalued. Compare with Caterpillar Inc →

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Cite: Fair Value Calculator (2026). "AKVA group ASA Fair Value". https://www.fairvalue-calculator.com/stock/AKVA

Peer Group

Farm & Heavy Construction Machinery · 148 stocks

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.

Quality Score 64 · Top 25%
Fair Value upside −21% · Below median
Return on equity (TTM) 14% · Above median
Return on assets 4% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 8% · Below median
Revenue growth 13% · Above median
Dividend yield (TTM) 1.6% · Below median
Debt / equity 0.81× · Higher than 75% of peers

Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper

P/E (TTM) 23.2× · Pricier than median
P/B 3.34× · Pricier than 75% of peers
P/S (TTM) 1.02× · Cheaper than median
P/FCF 1.3× · Cheaper than median
EV/EBITDA 14.4× · Pricier than median
PEG 2.62× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 5 · sector 22
FUTURE 63 · sector 30
PAST 58 · sector 32
HEALTH 59 · sector 93
DIVIDEND 31 · sector 40

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Caterpillar Inc CAT $952.41 $307.83 -68%
Deere & Company DE $597.24 $187.86 -69%
AB Volvo (publ), VOLVA kr 336.60 kr 288.08 -14%
PACCAR Inc PCAR $126.20 $94.80 -25%
Epiroc AB EPIA kr 251.90 kr 144.14 -43%
Exor N.V EXO €69.40 €219.41 +216%
Sany Heavy Industry Co 600031 ¥18.65 ¥20.84 +12%
XCMG Construction Machinery Co 000425 ¥8.39 ¥11.79 +41%
Sinotruk (Hong Kong) Limited 3808 HK$41.00 HK$53.51 +31%
Yutong Bus Co 600066 ¥32.29 ¥42.00 +30%

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Frequently asked questions

Is AKVA group ASA (AKVA) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of kr 104.08 versus a price of kr 132.50, about −21% (overvalued).
What is the fair value of AKVA?
Our model-based fair value for AKVA group ASA is kr 104.08 (as of Jul 19, 2026), built from audited fundamentals. The current price is kr 132.50.
What is the quality score of AKVA?
AKVA group ASA has a Quality Score of 64/100. 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 revenue of AKVA group ASA (AKVA)?
AKVA group ASA reported trailing-twelve-month revenue of about 4.5B NOK (latest available figure, as of Jul 19, 2026).
What is the net profit margin of AKVA?
The net profit margin of AKVA group ASA is about 4.4%, meaning it keeps roughly 4.4% of revenue as net income. Based on the latest reported figures.
Does AKVA group ASA pay a dividend?
AKVA group ASA currently shows a dividend yield of about 1.67% relative to its recent price (as of Jul 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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