Rankings Food, drinks & restaurants Orkla
Orkla
64
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−4
- Margin−3
- ROIC−3
Strengths
- Strong associate+2
- Diversified base+1
How the score is built
From 100 to 64, 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 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 99.15 NOK
- Median analyst target
- 99.50 NOK
- Upside to median
- +0.4%
- Analysts
- 8
- Target range
- 89.00 – 140.00 NOK
- 52-week change
- −5%
- P/E (trailing)
- 14.4
- Forward P/E
- 14.8
- PEG
- 3.02
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−12 of −30
- −4Quality of growthOrganic growth −0.3% in Q2 2026 with volume/mix −1.3% (Orkla Foods: organic −1.3%, volume/mix −2.3%); price increases are offset by falling volume. Revenue has only gone from NOK 67.8bn (2023) to 70.8bn TTM, and management itself says it is 'not satisfied'.
- −3MarginOperating margin 10.3% TTM vs 12.1–12.6% in 2021–2022; Orkla Food Ingredients has a broad EBIT decline and a cost base that is too high for its activity, and Orkla Health fell 5.8% in EBIT.
- −3ROICROIC has been flat at 8.3–9.7% in 2021–2026, markedly below Royal Unibrew (13.8%) and Carlsberg (10.9%); the group has become bigger, not stronger.
- −2Capital allocationDividends (NOK 5.9bn) and buybacks (3.2bn) totalling 9.1bn TTM exceed FCF of 6.6bn; net debt has risen from NOK 14.7bn (2025) to 21.2bn (NIBD 20.7bn, 2.2x EBITDA).
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own historyForward P/E 14.0 vs 12.7–17.3 in 2021–2025 (forward vs forward); EV/EBITDA 9.5 vs 10.0–14.1 and FCF yield 7.4% vs 3.4–7.8%. Cheap relative to history, but on earnings that are not growing organically.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−7 of −35
- −2Execution and restructuringThe measures in Orkla Food Ingredients are not expected to have a noticeable effect before 2027, and Orkla Health is hit by a plant closure until 2027 as well as problems with Omega-3 profitability.
- −2Ownership and governanceMain shareholder Stein Erik Hagen died in May 2026, and Canica CEO Christer Kjos was nominated as the new chair; the main owner's future strategy and stake are unresolved.
- −2Macro and consumersFalling volume in several portfolio companies shows cautious Nordic consumers trading down to cheaper goods; analyst consensus is 'Hold', and the stock has fallen 11% in a year.
- −1Dependence on JotunA large part of earnings growth comes from Jotun (EBIT +21%), of which Orkla owns only about 43% and does not control; the consolidated business delivered only +2.5% in adjusted EBIT.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Strong associateJotun grew 11% in underlying revenue and 21% in underlying profit in Q2 2026.
- +1Diversified baseA broad portfolio of strong local brands in the Nordics, the Baltics and Central Europe plus Orkla India; no single customer or market dominates, and adjusted EPS rose 3% to NOK 1.60 in Q2.
Caveats
What the score does not capture, or where the data is weak.
Orkla is a portfolio company (consumer goods, Orkla India and about 43% of Jotun as an associate). Net income for 2025 (NOK 11.5bn) and the 2025 P/E of 9.7 are lifted by disposal gains (including the sell-down in Orkla India), so 2025 trailing figures are not comparable. The 6.5% dividend yield includes a special dividend. Private-label pressure and market shares by country have not been examined in detail.
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