Rankings Food, drinks & restaurants Arctic Fish Holdings
Arctic Fish Holdings
34
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs own history and peers−14
- Margin−8
- Debt−7
Strengths
- Estimates+1
- Strong main shareholder+1
How the score is built
From 100 to 34, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 22.00 NOK
- Median analyst target
- 43.50 NOK
- Upside to median
- +97.7%
- Analysts
- 2
- Target range
- 30.00 – 57.00 NOK
- 52-week change
- −34%
- P/E (trailing)
- n/a
- Forward P/E
- 21.1
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−16 of −30
- −8MarginOperating margin −5.9%, net margin −15.1% and EBITDA margin 1.7% TTM (operating result −€7.5m, net result −€19.0m). Q2 2026 delivered operational EBIT of −€3.1m, i.e. −€0.56 per kg. The loss is counted here and not again under ROIC.
- −3MoatSalmon is a commodity, so the market sets the price. The licences (MAB 29,800 t in five West Fjords) are limited but taxed 3–4 times harder than in Norway, so they give no real price advantage.
- −3Quality of growthQ2 revenue rose from €12.6m to 32.5m purely on harvest volume (5,595 t vs 2,020 t), with low price achievement and harsh weather. There is no margin improvement per kg to show scale benefits.
- −2Capital allocationFCF has been negative every year 2021–25 (about −€102m in total), funded with debt (35.8 → 150.5m) and new shares. ROIC has fallen from 11.6% (2021) to −4.8%, so the capital is not yet earning a return.
Price
Today's multiples against the company's own history and its peers. · 1 finding−14 of −35
- −14Multiples vs own history and peersP/B 1.23 vs 1.24–3.05 in 2021–25 and EV/sales 1.92 vs 2.83–6.42, i.e. the lowest in its history. But EV/EBITDA is 104, there are no positive earnings, and net debt (about NOK 1.6bn) is larger than market value (NOK 1.1bn). The forward P/E of 17.5 rests on one or two analysts.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−30 of −35
- −7DebtNet interest-bearing debt is €143m (excl. IFRS 16). Net debt/equity has risen from 0.35 (2021) to 1.79, and interest cover is −0.74x, so operations do not cover interest.
- −5Dilution13.1m new shares in September 2025 (share count +41%, +27% a year on average), which shows an ongoing funding need.
- −6Regulation and taxThe Icelandic farming levy is ISK 41.66/kg in 2026, 3–4 times the Norwegian one. The new aquaculture law (presented in March 2026) is unresolved and points to stricter environmental and supervision requirements. Arctic Fish has therefore put new expansion investment on hold (21/8/2026).
- −4Biology and operationsMass mortality in 2022 (1,500–2,000 t) and an escape of about 3,500 salmon in Patreksfjörður in August 2023, which MAST asked to be officially investigated. The biological risk has repeated itself.
- −5MacroRising feed prices, a strong NOK and lowered salmon price forecasts squeeze price achievement.
- −3Governance and liquidityMowi owns the majority and has taken over sales (related party). The free float is only 17.6m shares with about 800 shares traded a day, so minority shareholders have little influence and an illiquid stock.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Estimates2026 harvest guidance raised to 18,000 t (+22%) after a record quarter; H1 harvest 11,624 t.
- +1Strong main shareholderMowi, the world's largest salmon farmer, is the majority owner and handles sales and know-how, which reduces funding and sales risk.
Caveats
What the score does not capture, or where the data is weak.
Only two analysts (price targets NOK 30–59, average 44.50), and on average only about 800 shares trade per day. Mowi owns the majority and handles sales. Losses continue (−€0.56/kg in Q2), and net debt is €143m. The Icelandic levy and the new aquaculture law are unresolved, and new investments are on hold. The company reports in EUR.
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