Icelandic Salmon As (ISLAX) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Icelandic Salmon As NOK 20.74, price NOK 54.00, upside -61.6%, quality 36 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 54.00 – kr 187.00 · fair‑value band kr 15.48 – kr 30.96 · the kr 54.00 price screens above the kr 20.74 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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Icelandic Salmon AS, together with its subsidiaries, engages in production, processing, and sale of salmon and salmon-based products in Europe, North America, and Asia. It is involved in the salmon farming activities. The company was founded in 2001 and is headquartered in Kverva, Norway. Icelandic Salmon AS operates as a subsidiary of SalMar ASA.
Stock analysis
Icelandic Salmon As (ISLAX) currently trades at kr 54.00, while our model-based Fair Value estimate is kr 20.74, implying the stock looks roughly 160.3% 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 15.48 (bear) to kr 30.96 (bull), the price of kr 54.00 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 36/100 (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.
Icelandic Salmon As reported revenue of €90.0M in FY2025 versus €90.8M in FY2021, a compound −0.2%/yr. Reported net income was −€24.8M in FY2025.
Key figures
Market cap 1.9B NOK · P/S ratio 22.1 · EPS (TTM) kr −9.13 · Net margin −27.6% · Return on equity −18.1% · Return on assets (EBIT) 3.0% · Operating margin 2.3% · Revenue (TTM) €86.1M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and at 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 −62%, ISLAX screens richer than that median.
Fair Value models
Bear kr 15.48Fair Value kr 20.74Bull kr 30.96
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.
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.24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−11.3%
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.
−17.0%
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.
+7.8%
Start year 2020 (pandemic)
Revenue growth 9 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.
+14.5%
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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.
4.8% (2020) → −27.6% (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 · 296 stocks
Beats the industry median on 0/9 measures
Overall it trails its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside−62% · Bottom 25%
Profitability
Return on assets−6% · Bottom 25%
Net margin (TTM)−29% · Bottom 25%
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−17% · Bottom 25%
Balance sheet
Debt / equity0.97× · Highest 25%
Valuation Multiplesvs Farm Products median · lower = cheaper
P/B1.60× · Priciest 25%
P/S (TTM)2.33× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 34
FUTURE (revenue growth)0· sector 21
PAST (return on equity)0· sector 19
HEALTH (low debt)52· sector 94
DIVIDEND (yield)0· sector 47
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). "Icelandic Salmon As Fair Value". https://www.fairvalue-calculator.com/stock/ISLAX
Frequently asked questions
Is Icelandic Salmon As (ISLAX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 20.74 versus a price of kr 54.00, about −62% upside (overvalued).
What is the fair value of ISLAX?
Our model-based fair value for Icelandic Salmon As is kr 20.74 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 54.00.
What is the quality score of ISLAX?
Icelandic Salmon As has a Quality Score of 36/100. 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 Icelandic Salmon As (ISLAX)?
Our model-based price target is the fair value of kr 20.74 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 15.48, optimistic scenario kr 30.96. It is a calculation from audited fundamentals, not an analyst target.
What is the Icelandic Salmon As stock forecast for 2026?
Our models put fair value at kr 20.74, about −62% upside versus a price of kr 54.00 (overvalued). Cautious scenario kr 15.48, optimistic scenario kr 30.96. The calculation is refreshed regularly with new filings.
What is the revenue of Icelandic Salmon As (ISLAX)?
Icelandic Salmon As reported trailing-twelve-month revenue of about €86.1M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Icelandic Salmon As (ISLAX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Icelandic Salmon As it is kr 20.74 per share (as of Sep 24, 2026), against a price of kr 54.00. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Icelandic Salmon As stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ISLAX trades above its calculated fair value: price kr 54.00, fair value kr 20.74, a gap of about −62% (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 ISLAX?
No. The price is what the market pays today (kr 54.00); the fair value is what the company's own numbers justify (kr 20.74). For Icelandic Salmon As the two are kr 33.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Icelandic Salmon As worth?
The market values Icelandic Salmon As at about 1.9B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 54.00; our models calculate a fair value of kr 20.74 per share.
What do the bullish and bearish scenarios say about ISLAX?
Our models span a range for Icelandic Salmon As: cautious scenario kr 15.48, base kr 20.74, optimistic kr 30.96 per share (as of Sep 24, 2026, price kr 54.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Icelandic Salmon As (ISLAX)?
Balance-sheet figures for Icelandic Salmon As (as of Sep 24, 2026): return on equity −18.1%, debt of 0.97 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is ISLAX from its 52-week high?
Icelandic Salmon As trades at kr 54.00, about 40% below its 52-week high of kr 90.40 and at the low of kr 54.00 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 20.74 is for.
Which stocks are comparable to Icelandic Salmon 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 Icelandic Salmon As stock attractive at the current price?
The data as of Sep 24, 2026: price kr 54.00, calculated fair value kr 20.74 (−62%), Quality Score 36/100, 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 ISLAX calculated?
We run Icelandic Salmon 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 20.74, 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 13.0 % above its aggregate fair value. Icelandic Salmon 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 Icelandic Salmon As (ISLAX)?
The closing price on Sep 24, 2026 was kr 54.00. Our model-based fair value is kr 20.74, about −62% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Icelandic Salmon As right now?
The price sits above even our optimistic bull case (kr 30.96). The favourable scenario is already priced in. Weak quality (36/100) 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 15.48 to kr 30.96) leaves room in how you read the outcome.
Key figures of Icelandic Salmon As
How large is the market capitalisation of Icelandic Salmon As (ISLAX)?
The market capitalisation of Icelandic Salmon As is 1.9B NOK. 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 Icelandic Salmon As (ISLAX)?
The price-to-sales ratio of Icelandic Salmon As is 22.1 (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 Icelandic Salmon As (ISLAX)?
Earnings per share at Icelandic Salmon As are kr −9.13. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Icelandic Salmon As (ISLAX)?
The net margin of Icelandic Salmon As is −27.6% (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 Icelandic Salmon As (ISLAX)?
The return on equity (ROE) of Icelandic Salmon As is −18.1% (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 Icelandic Salmon As (ISLAX)?
On an EBIT basis the return on assets of Icelandic Salmon As is 3.0% (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 Icelandic Salmon As (ISLAX)?
The operating margin of Icelandic Salmon As is 2.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Icelandic Salmon As (ISLAX)?
Revenue at Icelandic Salmon As is growing −17.2% versus a year earlier (3y avg −17.0%). 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 Icelandic Salmon As (ISLAX)?
Earnings per share at Icelandic Salmon As are growing −80.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Icelandic Salmon As (ISLAX) generate?
The free cash flow of Icelandic Salmon As is −€28.6M (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 Icelandic Salmon As (ISLAX) carry?
The net debt of Icelandic Salmon As is €117M (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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