Norcod As (NCOD) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Norcod As NOK 2.02, price NOK 13.55, upside -85.1%, quality 24 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 9.04 – kr 136.86 · fair‑value band kr 1.51 – kr 3.02 · the kr 13.55 price screens above the kr 2.02 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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Norcod AS engages in the farming, harvesting, marketing, and sale of farmed cod in Norway, Latvia, the Netherlands, Spain, Lithuania, Poland, the United Kingdom, and internationally. It operates through two segments, Farming and Harvesting.
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Norcod AS engages in the farming, harvesting, marketing, and sale of farmed cod in Norway, Latvia, the Netherlands, Spain, Lithuania, Poland, the United Kingdom, and internationally. It operates through two segments, Farming and Harvesting. The company is involved in fish farming operations, including juvenile, harvest-ready biomass, and sale of cod and liver. The company was founded in 2018 and is headquartered in Trondheim, Norway.
Stock analysis
Norcod As (NCOD) currently trades at kr 13.55, while our model-based Fair Value estimate is kr 2.02, 85.1% 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 1.51 (bear) to kr 3.02 (bull), the price of kr 13.55 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.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Norcod As reported revenue of 444M NOK in FY2025 versus 72.6M NOK in FY2021, a compound +57.3%/yr. Reported net income was −227M NOK in FY2025.
Key figures
Market cap 953M NOK (≈ $99.2M) · P/S ratio 2.85 · EPS (TTM) kr −3.25 · Net margin −51.2% · Return on equity −85.7% · Return on assets (EBIT) −31.2% · Operating margin −40.3% · Revenue (TTM) 282M NOK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 50% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 10% fair-value upside, at −85%, NCOD screens richer than that median.
Fair Value models
Bear kr 1.51Fair Value kr 2.02Bull kr 3.02
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. 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.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.9%
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.
+37.6%
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.
+130.4%
Start year 2020 (pandemic)
Revenue growth 6 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.
+107.2%
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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.
−268.1% (2020) → −45.2% (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
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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 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score26 · Bottom 25%
Fair Value upside−85.1% · Bottom 25%
Profitability
Return on assets−10.3% · Bottom 25%
Net margin (TTM)−72.5% · Bottom 25%
Operating margin (TTM)−40.3% · Bottom 25%
Growth and dividend
Revenue growth−84.1% · Bottom 25%
Balance sheet
Debt / equity0.20× · Above median
Valuation Multiplesvs Farm Products median · lower = cheaper
P/B0.41× · Cheapest 25%
P/S (TTM)0.35× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)0· sector 21
PAST (return on equity)0· sector 19
HEALTH (low debt)90· 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). "Norcod As Fair Value". https://www.fairvalue-calculator.com/stock/NCOD
Frequently asked questions
Is Norcod As (NCOD) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 2.02 versus a price of kr 13.55, about −85% upside (overvalued).
What is the fair value of NCOD?
Our model-based fair value for Norcod As is kr 2.02 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 13.55.
What is the quality score of NCOD?
Norcod 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 Norcod As (NCOD)?
Our model-based price target is the fair value of kr 2.02 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 1.51, optimistic scenario kr 3.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Norcod As stock forecast for 2026?
Our models put fair value at kr 2.02, about −85% upside versus a price of kr 13.55 (overvalued). Cautious scenario kr 1.51, optimistic scenario kr 3.02. The calculation is refreshed regularly with new filings.
What is the revenue of Norcod As (NCOD)?
Norcod As reported trailing-twelve-month revenue of about 282M NOK (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Norcod As (NCOD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norcod As it is kr 2.02 per share (as of Sep 24, 2026), against a price of kr 13.55. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Norcod As stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NCOD trades above its calculated fair value: price kr 13.55, fair value kr 2.02, a gap of about −85% (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 NCOD?
No. The price is what the market pays today (kr 13.55); the fair value is what the company's own numbers justify (kr 2.02). For Norcod As the two are kr 11.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norcod As worth?
The market values Norcod As at about 953M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 13.55; our models calculate a fair value of kr 2.02 per share.
What do the bullish and bearish scenarios say about NCOD?
Our models span a range for Norcod As: cautious scenario kr 1.51, base kr 2.02, optimistic kr 3.02 per share (as of Sep 24, 2026, price kr 13.55). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Norcod As (NCOD)?
Balance-sheet figures for Norcod As (as of Sep 24, 2026): return on equity −85.7%, debt of 0.20 per unit of equity. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is NCOD from its 52-week high?
Norcod As trades at kr 13.55, about 27% below its 52-week high of kr 18.45 and 50% above the low of kr 9.04 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 2.02 is for.
Which stocks are comparable to Norcod 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 Norcod As stock attractive at the current price?
The data as of Sep 24, 2026: price kr 13.55, calculated fair value kr 2.02 (−85%), 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 NCOD calculated?
We run Norcod 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 2.02, 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. Norcod 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 Norcod As (NCOD)?
The closing price on Oct 2, 2026 was kr 13.55. Our model-based fair value is kr 2.02, about −85% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norcod As right now?
The price sits above even our optimistic bull case (kr 3.02). 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 1.51 to kr 3.02) leaves room in how you read the outcome.
Key figures of Norcod As
How large is the market capitalisation of Norcod As (NCOD)?
The market capitalisation of Norcod As is 953M NOK (≈ $99.2M). 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 Norcod As (NCOD)?
The price-to-sales ratio of Norcod As is 2.85 (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 Norcod As (NCOD)?
Earnings per share at Norcod As are kr −3.25. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Norcod As (NCOD)?
The net margin of Norcod As is −51.2% (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 Norcod As (NCOD)?
The return on equity (ROE) of Norcod As is −85.7% (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 Norcod As (NCOD)?
On an EBIT basis the return on assets of Norcod As is −31.2% (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 Norcod As (NCOD)?
The operating margin of Norcod As is −40.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norcod As (NCOD)?
Revenue at Norcod As is growing −84.1% versus a year earlier (3y avg +37.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Norcod As (NCOD) generate?
The free cash flow of Norcod As is −227M NOK (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 Norcod As (NCOD) carry?
The net debt of Norcod As is 144M NOK (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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