Ice Fish Farm AS (IFISH) fair value: what the stock is really worth
As of Aug 3, 2026: fair value of Ice Fish Farm AS NOK 0.96, price NOK 5.10, upside -81.2%, quality 27 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 3.20 – kr 48.71 · fair‑value band kr 0.7100 – kr 1.43 · the kr 5.10 price screens above the kr 0.9600 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Ice Fish Farm AS engages in the salmon farming business in Iceland. It also operates smolt stations. The company was incorporated in 2020 and is headquartered in Seltjarnarnes, Iceland. Ice Fish Farm AS is a subsidiary of Måsøval Eiendom AS.
Stock analysis
Ice Fish Farm AS (IFISH) currently trades at kr 5.10, while our model-based Fair Value estimate is kr 0.9600, 81.2% below the price, so the stock looks 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 0.7100 (bear) to kr 1.43 (bull), the price of kr 5.10 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 27/100 (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.
Ice Fish Farm AS reported revenue of €112M in FY2025 versus €323M in FY2021, a compound −23.2%/yr. Reported net income was −€48.1M in FY2025.
Key figures
Market cap 3.3B NOK (≈ $338M) · P/E ratio 40.3 · P/S ratio 4.84 · EPS (TTM) kr 0.6600 · Net margin −42.8% · Return on equity 2.3% · Return on assets (EBIT) −2.0% · Operating margin 1.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 64% below its 52-week high and 59% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 10% fair-value upside, at −81%, IFISH screens richer than that median.
Fair Value models
Bear kr 0.7100Fair Value kr 0.9600Bull kr 1.43
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.4991 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.
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.25/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+9.9%
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.
−44.9%
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.
−16.9%
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.
+0.7%
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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.
15.6% (2020) → −26.6% (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
Price, fair value, quality and upside side by side.
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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 · 284 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score27 · Bottom 25%
Fair Value upside−81.2% · Bottom 25%
Profitability
Return on equity (TTM)2.3% · Below median
Return on assets2.7% · Above median
Net margin (TTM)11.0% · Top 25%
Operating margin (TTM)1.8% · Below median
Growth and dividend
Revenue growth54.4% · Top 25%
Balance sheet
Debt / equity0.69× · Highest 25%
Valuation Multiplesvs Farm Products median · lower = cheaper
P/E (TTM)40.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)100· sector 21
PAST (return on equity)9· sector 19
HEALTH (low debt)65· sector 94
DIVIDEND (yield)0· sector 44
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Ice Fish Farm AS Fair Value". https://www.fairvalue-calculator.com/stock/IFISH
Frequently asked questions
Is Ice Fish Farm AS (IFISH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 0.9600 versus the last price from Aug 3, 2026 of kr 5.10, about −81% upside (overvalued).
What is the fair value of IFISH?
Our model-based fair value for Ice Fish Farm AS is kr 0.9600 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Aug 3, 2026): kr 5.10.
What is the quality score of IFISH?
Ice Fish Farm AS has a Quality Score of 27/100. 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 Ice Fish Farm AS (IFISH)?
Our model-based price target is the fair value of kr 0.9600 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 0.7100, optimistic scenario kr 1.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Ice Fish Farm AS stock forecast for 2026?
Our models put fair value at kr 0.9600, about −81% upside versus the last price from Aug 3, 2026 of kr 5.10 (overvalued). Cautious scenario kr 0.7100, optimistic scenario kr 1.43. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Ice Fish Farm AS (IFISH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ice Fish Farm AS it is kr 0.9600 per share (as of Sep 24, 2026), against a price of kr 5.10. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Ice Fish Farm AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IFISH trades above its calculated fair value: price kr 5.10, fair value kr 0.9600, a gap of about −81% (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 IFISH?
No. The price is what the market pays today (kr 5.10); the fair value is what the company's own numbers justify (kr 0.9600). For Ice Fish Farm AS the two are kr 4.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ice Fish Farm AS worth?
The market values Ice Fish Farm AS at about 3.3B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 5.10; our models calculate a fair value of kr 0.9600 per share.
What do the bullish and bearish scenarios say about IFISH?
Our models span a range for Ice Fish Farm AS: cautious scenario kr 0.7100, base kr 0.9600, optimistic kr 1.43 per share (as of Sep 24, 2026, price kr 5.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IFISH?
Ice Fish Farm AS trades at a price-to-earnings ratio of 40.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 0.9600 is built from several models across several years.
How solid is the balance sheet of Ice Fish Farm AS (IFISH)?
Balance-sheet figures for Ice Fish Farm AS (as of Sep 24, 2026): return on equity 2.3%, debt of 0.69 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is IFISH from its 52-week high?
Ice Fish Farm AS trades at kr 5.10, about 64% below its 52-week high of kr 14.20 and 59% above the low of kr 3.20 (as of Aug 3, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.9600 is for.
Which stocks are comparable to Ice Fish Farm 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 Ice Fish Farm AS stock attractive at the current price?
The data as of Sep 24, 2026: price kr 5.10, calculated fair value kr 0.9600 (−81%), Quality Score 27/100, 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 IFISH calculated?
We run Ice Fish Farm 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 0.9600, 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 14.5 % above its aggregate fair value. Ice Fish Farm 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 Ice Fish Farm AS (IFISH)?
The latest price we hold is from Aug 3, 2026 and stands at kr 5.10. Our model-based fair value is kr 0.9600, about −81% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ice Fish Farm AS right now?
The price sits above even our optimistic bull case (kr 1.43). The favourable scenario is already priced in. Weak quality (27/100) 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 0.7100 to kr 1.43) leaves room in how you read the outcome.
Key figures of Ice Fish Farm AS
How large is the market capitalisation of Ice Fish Farm AS (IFISH)?
The market capitalisation of Ice Fish Farm AS is 3.3B NOK (≈ $338M). 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 Ice Fish Farm AS (IFISH)?
The price-to-sales ratio of Ice Fish Farm AS is 4.84 (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 Ice Fish Farm AS (IFISH)?
Earnings per share at Ice Fish Farm AS are kr 0.6600 (price ÷ EPS = P/E 40.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ice Fish Farm AS (IFISH)?
The net margin of Ice Fish Farm AS is −42.8% (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 Ice Fish Farm AS (IFISH)?
The return on equity (ROE) of Ice Fish Farm AS is 2.3% (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 Ice Fish Farm AS (IFISH)?
On an EBIT basis the return on assets of Ice Fish Farm AS is −2.0% (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 Ice Fish Farm AS (IFISH)?
The operating margin of Ice Fish Farm AS is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ice Fish Farm AS (IFISH)?
Revenue at Ice Fish Farm AS is growing +54.4% versus a year earlier (3y avg −44.9%). 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 Ice Fish Farm AS (IFISH)?
Earnings per share at Ice Fish Farm AS are growing −57.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ice Fish Farm AS (IFISH) generate?
The free cash flow of Ice Fish Farm AS is −€38.0M (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 Ice Fish Farm AS (IFISH) carry?
The net debt of Ice Fish Farm AS is €180M (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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