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Andfjord Salmon AS (ANDF) Fair Value & Analysis

Consumer Defensive · NO · Market cap 3.5B NOK (≈ $374M) · ISIN NO0010829765

AS Andfjord Salmon AS ANDF · OL
Pricekr 29.40
Fair Valuekr 11.21
Upside-61.9%
Quality19/100
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Risks

!Trades 162% ABOVE our fair value of kr 11.21
!Mixed Growth (revenue 5y +35.1 %/yr)
!Thin margins · 0.0% net margin
!Moderate debt · negative free cash flow
Mixed Growth (revenue 5y +35.1 %/yr)
Thin margins · 0.0% net margin
Moderate debt · negative free cash flow
Trails peers (2/8)
Narrow moat 5/100
Evidence: Low Range kr 8.36 – kr 16.74 Share as image

Fair value as of: Aug 14, 2026

From 1 valuation models · updated 14 days ago

Share price −0.7% over the past month.

Below-average quality, and trading another 162% above our fair value.

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

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What matters now

  • The price sits above even our optimistic bull case (kr 16.74). The favourable scenario is already priced in.
  • Weak quality (19/100) 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 8.36 to kr 16.74) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 49.60 kr 24.00 Fair Value kr 11.21 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range kr 24.00 – kr 49.60 · fair‑value band kr 8.36 – kr 16.74 · the kr 29.40 price screens above the kr 11.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Andfjord Salmon AS (ANDF) currently trades at kr 29.40, while our model-based Fair Value estimate is kr 11.21, implying the stock looks roughly 61.9% overvalued today. The Quality Score stands at 19/100 (below-average quality), in the Consumer Defensive 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: low).

Trailing-twelve-month revenue stands at 916K NOK. It earns a return on equity of -5.2%. Net debt stands at 1.5B NOK. Fundamentals as of Aug 14, 2026

Our scenario range runs from kr 8.36 (bear case) to kr 16.74 (bull case); at kr 29.40, 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 17% below its 52-week high and 30% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -19% fair-value upside, at -62%, ANDF 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
NCAV (Graham) kr 10.01 kr 13.41 kr 20.02 50
All 1 models by family
Asset-Based
NCAV (Graham) kr 10.01 kr 13.41 kr 20.02 50

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Key figures & financial health

EPS (TTM) kr -1.16
Return on equity -5.2% TTM
Return on assets (EBIT) -5.6% avg 5y
Operating margin -24,768% TTM
Revenue (TTM) 815K NOK TTM
Revenue growth (YoY) +15.1% 3y avg +93.2%
More key figures
Balance sheet & cash flow
Free cash flow −2.2B NOK FY2025
Net debt 1.5B NOK FY2025

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 19/100

Of which business quality 25 · Market factors (momentum, volatility) 52

Profitability 3
Margins and returns on capital today
Quality Growth 81
Are margins and returns improving?
Cashflow 27
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 0
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Andfjord Salmon Group AS engages in the land-based farming of Atlantic salmon in Norway. The company was formerly known as Andfjord Salmon AS and changed its name to Andfjord Salmon Group AS in May 2024. Andfjord Salmon Group AS was founded in 2014 and is based in Dverberg, Norway.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Andfjord Salmon AS reported revenue of kr 815K in FY2025 versus kr 0 in FY2021. Reported net income was −kr 104M in FY2025.

Growth Quality 27/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
815K NOK
Avg. revenue 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.
+93.2%
Avg. revenue 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.
+35.1%
Avg. revenue growth/yr (8Y) 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.
+16.1%
Value creation/yr 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
Revenue
FY21 kr 0
FY22 kr 113K
FY23 kr 37.3M
FY24 kr 190K
FY25 kr 815K
Net income
FY21 −kr 34.4M
FY22 −kr 56.7M
FY23 −kr 69.8M
FY24 −kr 67.9M
FY25 −kr 104M

ANDF screens 62% overvalued. Compare with Archer-Daniels-Midland Company →

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Cite: Fair Value Calculator (2026). "Andfjord Salmon AS Fair Value". https://www.fairvalue-calculator.com/stock/ANDF

Peer Group

Farm Products · 297 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 25 · Bottom 25%
Fair Value upside −62% · Bottom 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) 0% · Below median
Revenue growth 15% · Above median
Debt / equity 0.66× · Higher than 75% of peers

Valuation Multiples vs Farm Products median · lower = cheaper

P/B 0.15× · Cheaper 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 28
FUTURE76 · sector 21
PAST0 · sector 19
HEALTH67 · sector 94
DIVIDEND0 · sector 48

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

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 (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
Archer-Daniels-Midland Company ADM $80.09 $38.02 -53%
Muyuan Foods Group 002714 ¥40.15 ¥47.42 +18%
Bunge Global SA BG $113.25 $56.19 -50%
Tyson Foods, Inc TSN $56.55 $28.60 -49%
Wens Foodstuff Group 300498 ¥13.80 ¥11.18 -19%
Mowi ASA MOWI kr 206.00 kr 260.70 +27%
Fujian Wanchen Food Group 300972 ¥201.06 ¥143.09 -29%
United Plantations Berhad 2089 32.60 MYR 23.34 MYR -28%
Charoen Pokphand Foods Public Company CPF 23.40 THB 43.24 THB +85%
PT Charoen Pokphand Indonesia Tbk, CPIN 2,960 IDR 6,818 IDR +130%

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Frequently asked questions

Is Andfjord Salmon AS (ANDF) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of kr 11.21 versus a price of kr 29.40, about −62% (overvalued).
What is the fair value of ANDF?
Our model-based fair value for Andfjord Salmon AS is kr 11.21 (as of Aug 14, 2026), built from audited fundamentals. The current price: kr 29.40.
What is the quality score of ANDF?
Andfjord Salmon AS has a Quality Score of 19/100. 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 Andfjord Salmon AS (ANDF)?
Andfjord Salmon AS reported trailing-twelve-month revenue of about 916K NOK (latest available figure, as of Aug 14, 2026).
What is the net profit margin of ANDF?
The net profit margin of Andfjord Salmon AS is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

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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