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Salmon Evolution Holding AS (SALME) Fair Value & Analysis

Consumer Defensive · NO · Market cap 2.3B NOK (≈ $242M) · ISIN NO0010892094

What is Salmon Evolution Holding AS really worth?

SE Salmon Evolution Holding AS SALME · OL
Pricekr 3.85
Fair Valuekr 2.39
Upside−37.8%
Quality13/100

Below-average quality, and trading another 61% above our fair value of kr 2.39.

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Risks

!Mixed Growth (revenue 5y +241.1 %/yr)
!Loss-making · -36.7% net margin
!Moderate debt · negative free cash flow
!Trails peers (2/10)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range kr 1.79 – kr 3.57

Fair value as of: Aug 21, 2026

From 1 valuation models · updated 11 days ago

Share price −4.9% 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 3.57). The favourable scenario is already priced in.
  • Weak quality (13/100) 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 1.79 to kr 3.57) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

kr 11.24 kr 3.83 Fair Value kr 2.39 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range kr 3.83 – kr 11.24 · fair‑value band kr 1.79 – kr 3.57 · the kr 3.85 price screens above the kr 2.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Salmon Evolution Holding AS (SALME) currently trades at kr 3.85, while our model-based Fair Value estimate is kr 2.39, implying the stock looks roughly 60.9% overvalued today. The Quality Score stands at 13/100 (below-average quality), in the Consumer Defensive sector. How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Over the trailing twelve months, Salmon Evolution Holding AS generated revenue of 429M NOK at a net margin of −36.7%. Revenue grew 206.5% year over year. It earns a return on equity of −7.5%. Net debt stands at 1.7B NOK. Fundamentals as of Aug 21, 2026

Our scenario range runs from kr 1.79 (bear case) to kr 3.57 (bull case); at kr 3.85, 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 about 39% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −19% fair-value upside, at −38%, SALME 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
NCAV (Graham) best evidence kr 1.86 kr 2.49 kr 3.72 54
All 1 models by family
Asset-Based
NCAV (Graham) best evidence kr 1.86 kr 2.49 kr 3.72 54

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Key figures & financial health

P/S ratio 5.27 TTM
EPS (TTM) kr −0.3400
Net margin −52.8% FY2025
Return on equity −7.5% TTM
Return on assets (EBIT) −2.6% avg 5y
Operating margin −25.1% TTM
More key figures
Growth
Revenue (TTM) 429M NOK TTM
Revenue growth (YoY) +207% 3y avg +91.8%
Balance sheet & cash flow
Free cash flow −1.3B NOK FY2025
Net debt 1.7B NOK FY2025

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 13/100

Of which business quality 17 · Market factors (momentum, volatility) 38

Profitability 2
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 35
Balance sheet, leverage, solvency risk
Investment 17
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 40
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

Salmon Evolution ASA, together with its subsidiaries, operates as a land-based salmon farming company in Norway and internationally. It offers salmon fish. Salmon Evolution ASA was founded in 2017 and is headquartered in Elnesvågen, Norway.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Salmon Evolution Holding AS reported revenue of 325M NOK in FY2025 versus 12.0M NOK in FY2021, a compound +127.9%/yr. Reported net income was −172M NOK in FY2025.

Growth Quality 21/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
325M NOK
Latest YoY
−30.5%
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.
+91.8%
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.
+241.1%
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 +127.9%/yr
FY21 12.0M NOK
FY22 46.1M NOK
FY23 153M NOK
FY24 468M NOK
FY25 325M NOK
Net income
FY21 −26.4M NOK
FY22 −32.7M NOK
FY23 −146M NOK
FY24 −47.4M NOK
FY25 −172M NOK

SALME screens 61% overvalued. Compare with Archer-Daniels-Midland Company →

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Cite: Fair Value Calculator (2026). "Salmon Evolution Holding AS Fair Value". https://www.fairvalue-calculator.com/stock/SALME

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 17 · Bottom 25%
Fair Value upside −38% · Below median
Return on assets −2% · Bottom 25%
Net margin (TTM) −37% · Bottom 25%
Operating margin (TTM) −25% · Bottom 25%
Revenue growth 207% · Top 25%
Debt / equity 0.75× · Higher than 75% of peers

Valuation Multiples vs Farm Products median · lower = cheaper

P/B 0.12× · Cheaper than 75% of peers
P/S (TTM) 0.56× · 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 25
FUTURE100 · sector 21
PAST0 · sector 19
HEALTH63 · 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 21, 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 Salmon Evolution Holding AS (SALME) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of kr 2.39 versus a price of kr 3.85, about −38% upside (overvalued).
What is the fair value of SALME?
Our model-based fair value for Salmon Evolution Holding AS is kr 2.39 (as of Aug 21, 2026), built from audited fundamentals. The current price: kr 3.85.
What is the quality score of SALME?
Salmon Evolution Holding AS has a Quality Score of 13/100. 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 Salmon Evolution Holding AS (SALME)?
Salmon Evolution Holding AS reported trailing-twelve-month revenue of about 429M NOK (latest available figure, as of Aug 21, 2026).
What is the net profit margin of SALME?
The net profit margin of Salmon Evolution Holding AS is about −36.7%, meaning it is currently running at a net loss. Based on the latest reported figures.
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