Rankings Food, drinks & restaurants Atlantic Sapphire
Atlantic Sapphire
13
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
- Dilution and compulsory redemption−20
- Margin−14
- Debt and liquidity−12
Strengths
- Operational improvement+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 1
- Price
- 0.53 DKK
- Market value
- DKK 628m
- Cash runway
- 2 months
- Cash / debt
- 84.0 / 1,420.0m NOK
- Dilution, 12 months
- +11,800%
Bull case
There is no real bull case for the minority: the best outcome is a squeeze-out at NOK 0.80, about 4% above the price of NOK 0.769. A 3–10x is ruled out, because Coral HoldCo owns 99% and the company is being delisted.
Bear case
The compulsory redemption happens later or at a lower price than NOK 0.80 (e.g. if the deadline for the offer price is exceeded and the price is set by estimate), or the share remains as an unlisted minority stake without liquidity. Fundamentally the equity is already lost.
Catalysts
- by about 2026-11-28 at the latestCompulsory redemption of minority shareholders, expected at the offer price of NOK 0.80 (the offer period ended 28/8-2026; a price equal to the offer applies for redemption within 3 months)binary salmonbusiness.com
- after compulsory redemption (Q4 2026)Delisting from Oslo Børsbinary weareaquaculture.com
Risk of going to zerolow for the price (tied to the expected redemption at NOK 0.80), but high for the company's fundamental value - the minority has effectively been diluted away.
Next financingCash was USD 8.5m (about NOK 84m) at 30/6-2026 vs FCF spending of about NOK 129m per quarter. All further financing comes from Coral HoldCo (Condire, Nordlaks, Nokomis, Strawberry Capital and others) after the delisting - not from the minority shareholders.
Warrants & convertiblesThe bridge loan was converted into 1,125m shares at NOK 0.10 (15/9-2026). Holders of the convertible loan could convert at NOK 0.10 after a 23% write-down. Coral HoldCo owns 99.03%; the minority has about 11m shares.
Insiders, last 12 monthsCoral HoldCo (major shareholders Condire, Nordlaks, Nokomis, Strawberry Capital, Joh. Johannsson Eiendom) bought via the offer at NOK 0.80 (acceptances for 2.34m shares) and received 1,125m shares at NOK 0.10 through conversion of the bridge loan 15/9-2026.
Largest ownersCoral HoldCo AS about 99.03% (1,150m shares). The rest (about 0.97%) is spread among minority shareholders, incl. about 1,700 Nordnet customers.
Circio check(1) Small market cap: yes in real terms – the minority's shares are worth approx. NOK 9m (Nordnet's DKK 628m includes Coral HoldCo's shares). (2) Hot theme: no. (3) Upcoming milestones: yes, but only squeeze-out and delisting. (4) Major partner: yes – Nordlaks and Condire are behind it, but they have taken the company private. (5) Funding for 2+ years: no – only a bridge loan from the major shareholders. (6) Price near the bottom: yes – −90% in a year, but now locked to the offer price.
Why this asymmetryThe upside is capped at the redemption price (approx. +4% to NOK 0.80), while the downside is delay, a lower estimated price or an illiquid unlisted holding. Not a penny opportunity – only relevant for current owners waiting for the redemption.
How the score is built
From 100 to 13, 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 22 Oct 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.76 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −90%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- 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−30 of −30
- −14MarginGross margin −56%, operating margin −113% and net loss of USD 186m on revenue of USD 48m (TTM); the operating margin has been between −113% and −652% in all years 2021–2026.
- −8Capital allocationBillions of kroner burned on the Bluehouse plant in Miami through repeated share issues, convertible loans and a 1:200 reverse split in 2025; the market cap fell from NOK 3.8bn (2021) to NOK 26m before the conversion. ROIC −19%.
- −5Quality of growthHarvest rose 14% in H1 2026 and standing biomass is 3,592 tonnes, but revenue of about USD 48m a year is far from the scale the plant was built for, after several years of mortality and technical problems.
- −3MoatLand-based salmon in the US with no documented cost advantage; the price is sold at some premium, but gross margin is negative.
Price
Today's multiples against the company's own history and its peers. · 2 findings−17 of −35
- −7Multiples vs own historyEV/sales 2.85 vs 2.18 in 2025 on revenue with negative gross margin; P/B -0.13 (negative equity USD -20m). The share price of NOK 0.77 is effectively tied to the offer price of NOK 0.80 and not to a valuation of the company.
- −10FCF yieldFCF -NOK 516m TTM vs a market cap of NOK 26m before the conversion (FCF yield about -1,966%); operations are financed solely by new loans from the major shareholders.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−35 of −35
- −20Dilution and compulsory redemptionEGM 15/9-2026 issued 1,125,481,385 new shares at NOK 0.10 to Coral HoldCo, which now owns 99.03%; the minority's share fell from about 31% to under 1%, and compulsory redemption and delisting follow. Finansavisen: 'Verdiene er tapt'.
- −12Debt and liquidityDebt USD 143m against cash of USD 8.5m and negative equity; bridge loan at 12–20% interest plus a 15% arrangement fee and a new extra loan tranche of USD 1.5m in August to manage liquidity. Altman Z −9.1.
- −3DelistingCoral HoldCo will seek to delist Atlantic Sapphire from Oslo Børs; daily turnover is only about DKK 9k, so the minority effectively has no exit beyond the squeeze-out.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Operational improvementH1 2026: harvest +14%, higher realised price despite falling salmon prices, better EBITDA and lower costs after new CO2 degassing, biofiltration and water cooling.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under 3 kr). THE COMPANY IS BEING TAKEN OVER: at the EGM on 15/9-2026, 1,125m new shares were issued at 0.10 NOK to Coral HoldCo, which now owns approx. 99.03%; compulsory redemption of the minority (expected at the offer price of 0.80 NOK) and delisting from Oslo Børs follow. stockanalysis still shows 35.85m shares and a market cap of 26m NOK (before the conversion); Nordnet's 628m DKK values all approx. 1,161m shares at the market price, but the minority's approx. 11m shares are worth only approx. 9m NOK. Accounts in USD; penny amounts in NOK (stockanalysis). The compulsory redemption price and date are not confirmed in any exchange announcement found here. 1:200 share consolidation in January 2025.
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