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Nordic Halibut AS (NOHAL) Fair Value & Analysis

Consumer Defensive · NO · Market cap 1.3B NOK (≈ $144M) · ISIN NO0003058109

What is Nordic Halibut AS really worth?

NH Nordic Halibut AS NOHAL · OL
Pricekr 28.80
Fair Valuekr 8.13
Upside−71.8%
Quality19/100

Below-average quality, and trading another 254% above our fair value of kr 8.13.

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Risks

!Expensive Growth (revenue 5y +33.2 %/yr)
!Loss-making · -35.5% net margin
!Low debt · negative free cash flow
!Trails peers (2/10)
!Narrow moat 13/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range kr 5.08 – kr 11.17

Fair value as of: Aug 27, 2026

From 4 valuation models · updated 6 days ago

Share price +8.3% over the past month.

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (kr 11.17). The favourable scenario is already priced in.
  • Weak quality (19/100) 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 5.08 to kr 11.17) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

kr 33.42 kr 18.30 Fair Value kr 8.13 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range kr 18.30 – kr 33.42 · fair‑value band kr 5.08 – kr 11.17 · the kr 28.80 price screens above the kr 8.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Nordic Halibut AS (NOHAL) currently trades at kr 28.80, while our model-based Fair Value estimate is kr 8.13, implying the stock looks roughly 254.4% overvalued today. The Quality Score stands at 19/100 (below-average quality), in the Consumer Defensive sector. How firm this estimate is: it rests on 6 models at a data quality of 95/100, which puts the evidence level at low.

Over the trailing twelve months, Nordic Halibut AS generated revenue of 151M NOK at a net margin of −35.5%. Revenue grew 11.4% year over year. It earns a return on equity of −8.0%. Net debt stands at 260M NOK. Fundamentals as of Aug 27, 2026

Our scenario range runs from kr 5.08 (bear case) to kr 11.17 (bull case); at kr 28.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 53% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −19% fair-value upside, at −72%, NOHAL screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

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
Highest evidence
EV/EBITDA best evidence kr 100.04 kr 140.78 kr 181.64 67
EV/EBIT kr 1.59 kr 9.56 kr 17.53 58
NCAV (Graham) kr 70.90 kr 95.03 kr 141.81 54
All 4 models by family
Multiples
EV/EBIT kr 1.59 kr 9.56 kr 17.53 58
EV/EBITDA best evidence kr 100.04 kr 140.78 kr 181.64 67
EV/Revenue kr 2.16 kr 9.45 50
Asset-Based
NCAV (Graham) kr 70.90 kr 95.03 kr 141.81 54

Widest divergence: Asset-Based (kr 95.03) versus Multiples (kr 9.56). Highest evidence: EV/EBITDA (67).

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Key figures & financial health

P/S ratio 8.90 TTM
EPS (TTM) kr −1.04
Net margin −6.9% FY2025
Return on equity −8.0% TTM
Return on assets (EBIT) −7.2% avg 5y
Operating margin −60.0% TTM
More key figures
Growth
Revenue (TTM) 151M NOK TTM
Revenue growth (YoY) +11.4% 3y avg +22.0%
Balance sheet & cash flow
Free cash flow −295M NOK FY2025
Net debt 260M NOK FY2025

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 19/100

Of which business quality 25 · Market factors (momentum, volatility) 84

Profitability 6
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 83
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Nordic Halibut AS produces and sells farmed Atlantic halibut products in Norway, the United States, the European Union, the United Kingdom, and internationally. It offers fresh, frozen, whole, and filleted halibut products. The company was founded in 1995 and is headquartered in Averøy, Norway.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nordic Halibut AS reported revenue of 145M NOK in FY2025 versus 71.2M NOK in FY2021, a compound +19.5%/yr. Reported net income was −10.0M NOK in FY2025.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
145M NOK
Latest YoY
+60.6%
Avg. revenue growth/yr (3Y) 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.
+22.0%
Avg. revenue growth/yr (5Y) 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.
+33.2%
Avg. revenue growth/yr (11Y) 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.
+13.3%
Value creation/yr 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
Revenue +19.5%/yr
FY21 71.2M NOK
FY22 80.0M NOK
FY23 102M NOK
FY24 90.5M NOK
FY25 145M NOK
Net income
FY21 −58.5M NOK
FY22 −66.1M NOK
FY23 −60.7M NOK
FY24 −99.8M NOK
FY25 −10.0M NOK

NOHAL screens 254% overvalued. Compare with Archer-Daniels-Midland Company →

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Cite: Fair Value Calculator (2026). "Nordic Halibut AS Fair Value". https://www.fairvalue-calculator.com/stock/NOHAL

Peer Group

Farm Products · 299 stocks

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.

Quality Score 19 · Bottom 25%
Fair Value upside −72% · Bottom 25%
Return on assets −2% · Bottom 25%
Net margin (TTM) −35% · Bottom 25%
Operating margin (TTM) −60% · Bottom 25%
Revenue growth 11% · Above median
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Farm Products median · lower = cheaper

P/B 0.21× · Cheaper than 75% of peers
P/S (TTM) 0.96× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 27
FUTURE57 · sector 21
PAST0 · sector 19
HEALTH91 · sector 94
DIVIDEND0 · sector 49

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

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 (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Archer-Daniels-Midland Company ADM $81.54 $38.02 −53%
Muyuan Foods Group 002714 ¥40.15 ¥47.42 +18%
Bunge Global SA BG $111.57 $56.19 −50%
Tyson Foods, Inc TSN $55.40 $28.60 −48%
Wens Foodstuff Group 300498 ¥13.80 ¥11.18 −19%
Mowi ASA MOWI kr 206.00 kr 260.70 +27%
Fujian Wanchen Food Group 300972 ¥201.06 ¥143.09 −29%
United Plantations Berhad 2089 32.60 MYR 23.34 MYR −28%
PT Charoen Pokphand Indonesia Tbk, CPIN 2,960 IDR 6,818 IDR +130%
Charoen Pokphand Foods Public Company CPF 23.40 THB 43.24 THB +85%

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Frequently asked questions

Is Nordic Halibut AS (NOHAL) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of kr 8.13 versus a price of kr 28.80, about −72% upside (overvalued).
What is the fair value of NOHAL?
Our model-based fair value for Nordic Halibut AS is kr 8.13 (as of Aug 27, 2026), built from audited fundamentals. The current price: kr 28.80.
What is the quality score of NOHAL?
Nordic Halibut AS has a Quality Score of 19/100. 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 revenue of Nordic Halibut AS (NOHAL)?
Nordic Halibut AS reported trailing-twelve-month revenue of about 151M NOK (latest available figure, as of Aug 27, 2026).
What is the net profit margin of NOHAL?
The net profit margin of Nordic Halibut AS is about −35.5%, meaning it is currently running at a net loss. Based on the latest reported figures.
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