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Norcod AS (NCOD) Fair Value & Analysis

Consumer Defensive · NO · Market cap 832M NOK

Pricekr 11.05
Fair Valuekr 16.79
Upside+51.9%
Quality95/100
Evidence: Low Range kr 12.59 – kr 20.98

Fair value as of: Jun 24, 2026

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Analysis

Norcod AS (NCOD) currently trades at kr 11.05, while our model-based Fair Value estimate is kr 16.79 — implying the stock looks roughly 51.9% undervalued today. We read business quality at 95/100 (high quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low) — always confirm before acting.

About the company

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.

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Frequently asked questions

Is Norcod AS (NCOD) undervalued?
As of Jun 24, 2026, our model estimates a fair value of kr 16.79 versus a price of kr 11.05 — about +52% (undervalued). Model-based estimate, not financial advice.
What is the fair value of NCOD?
Our 21-model fair value for Norcod AS is kr 16.79 (as of Jun 24, 2026), built from audited fundamentals. The current price is kr 11.05.
What is the quality score of NCOD?
Norcod AS has a Quality Score of 95/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.