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Nordic Aqua Partners As (NOAP) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Nordic Aqua Partners As NOK 29.47, price NOK 84.60, upside -65.2%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Consumer Defensive · NO · Home Denmark · ISIN NO0012928805

NA Thin data Sep 24, 2026

Nordic Aqua Partners As

NOAP · OL

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 29.47 · Strongly overvalued (−65%)
!Quality 43/100
!Mixed Growth (revenue 3y +204.6 %/yr)
!Loss-making · -59.4% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (2/10)
!Narrow moat 34/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

kr 174.00 kr 56.90 Fair Value kr 29.47 Jun 2021 Sep 2026

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 56.90 – kr 174.00 · fair‑value band kr 21.99 – kr 43.99 · the kr 84.60 price screens above the kr 29.47 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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Company profile

Nordic Aqua Partners A/S, together with its subsidiaries, develops and operates land-based Atlantic salmon farming in the People's Republic of China. The company's main activity is investments in breeding systems for fish and shellfish as well as installing and operating these systems. The company was incorporated in 2016 and is based in Oslo, Norway.

Stock analysis

Nordic Aqua Partners As (NOAP) currently trades at kr 84.60, while our model-based Fair Value estimate is kr 29.47, implying the stock looks roughly 187.1% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 80/100, which puts the evidence level at low.

Scenario range: kr 21.99 (bear) to kr 43.99 (bull), the price of kr 84.60 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 43/100 (below-average quality), in the Consumer Defensive sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Nordic Aqua Partners As reported revenue of €12.9M in FY2025 versus €620K in FY2021, a compound +113.5%/yr. Reported net income was −€16.5M in FY2025.

Key figures

Market cap 1.8B NOK (≈ $188M) · EPS (TTM) kr −5.37 · Net margin −128% · Return on equity −9.8% · Return on assets (EBIT) −7.0% · Operating margin 60.6% · Revenue (TTM) €16.6M · Revenue growth (YoY) +162%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 12% below its 52-week high and 13% 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 −65%, NOAP screens richer than that median.

Fair Value models

Bear kr 21.99 Fair Value kr 29.47 Bull kr 43.99
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.
Highest evidence
NCAV (Graham) kr 21.99 kr 29.47 kr 44.10 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 21.99 kr 29.47 kr 44.10 54

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Quality Score breakdown

Overall quality 43/100

Of which business quality 40 · Market factors (momentum, volatility) 56

Profitability 3
Margins and returns on capital today
Quality Growth 87
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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. 23/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+98.3%
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.
+204.6%
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.
−2,863.2% (2021) → −85.5% (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
not computed

NOAP screens 187% overvalued. Compare with Archer-Daniels-Midland Company →

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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 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −65% · Bottom 25%
Profitability
Return on assets −2% · Bottom 25%
Net margin (TTM) −59% · Bottom 25%
Operating margin (TTM) 61% · Top 25%
Growth and dividend
Revenue growth 162% · Top 25%
Balance sheet
Debt / equity 0.21× · Above median

Valuation Multiplesvs Farm Products median · lower = cheaper

P/B 2.21× · Priciest 25%
P/S (TTM) 11.47× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 34
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)0 · sector 19
HEALTH (low debt)89 · sector 94
DIVIDEND (yield)0 · sector 47

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

Context: sector, industry, market

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.

Stock Price Fair Value vs Fair Value
Archer-Daniels-Midland Company ADM $82.15 $38.02 −54%
Muyuan Foods Group 002714 ¥41.86 ¥114.67 +174%
Bunge Global SA BG $111.48 $56.19 −50%
Tyson Foods, Inc TSN $51.36 $37.28 −27%
Wens Foodstuff Group 300498 ¥14.90 ¥12.08 −19%
Mowi ASA MOWI kr 196.70 kr 280.64 +43%
SalMar ASA SALM kr 561.00 kr 171.05 −70%
Fujian Wanchen Food Group 300972 ¥163.80 ¥311.94 +90%
United Plantations Berhad 2089 33.20 MYR 36.52 MYR +10%
Charoen Pokphand Foods Public Company CPF 22.10 THB 55.71 THB +152%

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Nordic Aqua Partners As · Fair Value
kr 29.47 −187%Fair Value
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Cite: Fair Value Calculator (2026). "Nordic Aqua Partners As Fair Value". https://www.fairvalue-calculator.com/stock/NOAP

Frequently asked questions

Is Nordic Aqua Partners As (NOAP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 29.47 versus a price of kr 84.60, about −65% upside (overvalued).
What is the fair value of NOAP?
Our model-based fair value for Nordic Aqua Partners As is kr 29.47 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 84.60.
What is the quality score of NOAP?
Nordic Aqua Partners As has a Quality Score of 43/100. 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 Nordic Aqua Partners As (NOAP)?
Our model-based price target is the fair value of kr 29.47 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 21.99, optimistic scenario kr 43.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordic Aqua Partners As stock forecast for 2026?
Our models put fair value at kr 29.47, about −65% upside versus a price of kr 84.60 (overvalued). Cautious scenario kr 21.99, optimistic scenario kr 43.99. The calculation is refreshed regularly with new filings.
What is the revenue of Nordic Aqua Partners As (NOAP)?
Nordic Aqua Partners As reported trailing-twelve-month revenue of about €16.6M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Nordic Aqua Partners As (NOAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordic Aqua Partners As it is kr 29.47 per share (as of Sep 24, 2026), against a price of kr 84.60. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Nordic Aqua Partners As stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NOAP trades above its calculated fair value: price kr 84.60, fair value kr 29.47, a gap of about −65% (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 NOAP?
No. The price is what the market pays today (kr 84.60); the fair value is what the company's own numbers justify (kr 29.47). For Nordic Aqua Partners As the two are kr 55.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordic Aqua Partners As worth?
The market values Nordic Aqua Partners As at about 1.8B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 84.60; our models calculate a fair value of kr 29.47 per share.
What do the bullish and bearish scenarios say about NOAP?
Our models span a range for Nordic Aqua Partners As: cautious scenario kr 21.99, base kr 29.47, optimistic kr 43.99 per share (as of Sep 24, 2026, price kr 84.60). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nordic Aqua Partners As (NOAP)?
Balance-sheet figures for Nordic Aqua Partners As (as of Sep 24, 2026): return on equity −9.8%, debt of 0.21 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is NOAP from its 52-week high?
Nordic Aqua Partners As trades at kr 84.60, about 12% below its 52-week high of kr 96.00 and 13% above the low of kr 75.00 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 29.47 is for.
Which stocks are comparable to Nordic Aqua Partners 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 Nordic Aqua Partners As stock attractive at the current price?
The data as of Sep 24, 2026: price kr 84.60, calculated fair value kr 29.47 (−65%), Quality Score 43/100, 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 NOAP calculated?
We run Nordic Aqua Partners 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 29.47, 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. Nordic Aqua Partners 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 Nordic Aqua Partners As (NOAP)?
The closing price on Sep 24, 2026 was kr 84.60. Our model-based fair value is kr 29.47, about −65% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordic Aqua Partners As right now?
The price sits above even our optimistic bull case (kr 43.99). The favourable scenario is already priced in. Weak quality (43/100) 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 21.99 to kr 43.99) leaves room in how you read the outcome.

Key figures of Nordic Aqua Partners As

How large is the market capitalisation of Nordic Aqua Partners As (NOAP)?
The market capitalisation of Nordic Aqua Partners As is 1.8B NOK (≈ $188M). 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 are the earnings per share of Nordic Aqua Partners As (NOAP)?
Earnings per share at Nordic Aqua Partners As are kr −5.37. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nordic Aqua Partners As (NOAP)?
The net margin of Nordic Aqua Partners As is −128% (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 Nordic Aqua Partners As (NOAP)?
The return on equity (ROE) of Nordic Aqua Partners As is −9.8% (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 Nordic Aqua Partners As (NOAP)?
On an EBIT basis the return on assets of Nordic Aqua Partners As is −7.0% (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 Nordic Aqua Partners As (NOAP)?
The operating margin of Nordic Aqua Partners As is 60.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nordic Aqua Partners As (NOAP)?
Revenue at Nordic Aqua Partners As is growing +162% versus a year earlier (3y avg +205%). 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 Nordic Aqua Partners As (NOAP) generate?
The free cash flow of Nordic Aqua Partners As is −€43.4M (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 Nordic Aqua Partners As (NOAP) carry?
The net debt of Nordic Aqua Partners As is €18.1M (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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