# P/f Bakkafrost (BAKKA.OL)

Canonical: https://gigainvestors.com/s/BAKKA.OL

Analysis as of: 2026-10-16T07:39:35.175Z. Financial observations: FY2018–FY2025.

Listing currency: NOK. Reporting currency: DKK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 440.80 per share; close as of 2026-10-15.

Estimated value: low NOK 130.64 per share, central NOK 148.07 per share, high NOK 171.26 per share. Buy at or below the central value NOK 148.07 per share. Valuation as of 2026-10-16T07:39:35.175Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.37×

- FY2019: 0.18×

- FY2020: 0.13×

- FY2021: 0.15×

- FY2022: 0.24×

- FY2023: 0.22×

- FY2024: 0.21×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.2%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 65.7%

- Recent gross margin (lower of latest and 3-year median): 64.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.4%

- ROIC including acquisitions, ten-year median: 4.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 20.4%

- FY2019: 7.9%

- FY2020: 4.5%

- FY2021: 6.2%

- FY2022: 10.5%

- FY2023: 9.0%

- FY2024: 8.5%

- FY2025: 4.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.69×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 3.1B

- Net income, five-year total: DKK 4.5B

- Return on incremental invested capital: -4.2%

- Working capital / revenue, annual change: -1.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.93×

- FY2022: 0.93×

- FY2023: 0.48×

- FY2024: 0.68×

- FY2025: 0.02×

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.9% vs 8.5%

- Per-share earnings: 12.39 to 11.08 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: DKK 7.0B

- Cumulative retained earnings: DKK 3.4B

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.2%

- Per-share value change: DKK -1.31

- Per-share value, starting three-year median: DKK 12.39

- Per-share value, ending three-year median: DKK 11.08

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 7.9%

- ROIC, last three-year median: 8.5%

Chart: Earnings per share; fiscal year observations.

- FY2018: DKK 19.71

- FY2019: DKK 12.39

- FY2020: DKK 7.84

- FY2021: DKK 16.32

- FY2022: DKK 22.76

- FY2023: DKK 16.15

- FY2024: DKK 11.08

- FY2025: DKK 8.94

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.41×

Chart: Sloan accruals; fiscal year observations.

- FY2018: 0.8%

- FY2019: -2.9%

- FY2020: -0.1%

- FY2021: -1.1%

- FY2022: 0.8%

- FY2023: -0.4%

- FY2024: -9.6%

- FY2025: -2.9%

## Holders

## Price story

Down 44% since Oct 2021 · "Bakkafrost profit crashes 83% as salmon prices drop and loss widens" (investing.com, Aug 2025) · sales -4.5%

Story as of 2026-10-16T10:00:10.884Z; price observation 2026-10-15.

Price needs cash profits to grow 15% a year for ten years

- 2025-08-26: Bakkafrost profit crashes 83% as salmon prices drop and loss widens ([investing.com](https://www.investing.com/news/earnings/bakkafrost-profit-crashes-83-as-salmon-prices-drop-and-loss-widens-4210146))

- 2025-09-15: P/F Bakkafrost (OB:BAKKA) Adjusts Production Guidance for 2026 to 104,000 Tonnes ([finance.yahoo.com](https://finance.yahoo.com/news/p-f-bakkafrost-ob-bakka-174413911.html))

### Sales · FY2024–2025

sales -4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: DKK 3.2B 

- FY2019: DKK 5.0B 

- FY2020: DKK 4.7B 

- FY2021: DKK 5.6B 

- FY2022: DKK 7.1B 

- FY2023: DKK 7.1B 

- FY2024: DKK 7.3B 

- FY2025: DKK 7.0B 

### Gross margin · FY2025

gross margin 67.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 75.6% 

- FY2019: 60.8% 

- FY2020: 61.1% 

- FY2021: 71.6% 

- FY2022: 71.6% 

- FY2023: 64.2% 

- FY2024: 61.9% 

- FY2025: 67.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in farm products; annual sales are DKK 7 billion.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2025-12-31 (filed 2026-10-16T07:39:35.175Z); FY2025: revenue 7007147000; grossProfit 4701348000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAKKA.OL: P/F Bakkafrost, together with its subsidiaries, engages in the production and sale of salmon products in North America, Western Europe, Eastern Europe, Asia, and internationally. The company operates through seven segments: Fishmeal, Fish Oil and Fish Feed; Freshwater Faroe Islands; Freshwater Scotland; Farming Faroe Islands; Farming Scotland; Services; and Sales & Other. Its products include fresh and frozen whole salmon, fresh and frozen salmon fillets, fresh skin-packed salmon portions, frozen salmon portions and tails, frozen smoked salmon and salmon fillets, frozen salmon bits and pieces, frozen salmon off-cuts and belly flaps, frozen salmon heads, salmon backbones, and salmon skin. The company is also involved in the production and sale of fishmeal, fish oil, and fish feed; production of eggs from breeding self-owned salmon strains; production of smolts; and on-growing of salmon. In addition, it manages a fleet of farming service vessels; provides fish transportation, treatments, net cleaning, harvesting, freight and logistical, and heavy marine support services; converts organic waste into biogas, heating, electricity, and fertilizers; produces styrofoam boxes; and optimizes the value creation and retention from the harvested fish. P/F Bakkafrost was founded in 1968 and is headquartered in Glyvrar, Denmark.

### Why customers stay

Margins ranged from 61.9% to 67.1% during 2023–25; it earns 8.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2023-12-31 (filed 2026-10-16T07:39:35.175Z); FY2023: grossProfit / revenue = 64.2%.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2024-12-31 (filed 2026-10-16T07:39:35.175Z); FY2024: grossProfit / revenue = 61.9%.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2025-12-31 (filed 2026-10-16T07:39:35.175Z); FY2025: grossProfit / revenue = 67.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:35.175Z); 8-year return on capital observations [[2018,0.20378220521272977],[2019,0.07929111637176434],[2020,0.04496553485338958],[2021,0.06246848959269625],[2022,0.10481190590243868],[2023,0.09036074359933093],[2024,0.08456490734853288],[2025,0.04562396395809126]]; median 0.08192801186014861. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 8 years; bought back DKK 15.2 million of shares.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2018-12-31 (filed 2026-10-16T07:39:35.175Z); FY2018: growth capex 0; upkeep 526007000; owner earnings 633183000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2019-12-31 (filed 2026-10-16T07:39:35.175Z); FY2019: growth capex 301682000; upkeep 433332000; owner earnings 665850400. Growth capex / owner earnings = 0.453077748395135.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2021-12-31 (filed 2026-10-16T07:39:35.175Z); FY2021: growth capex 585246000; upkeep 530434000; owner earnings 897368800. Growth capex / owner earnings = 0.6521800178477344.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2022-12-31 (filed 2026-10-16T07:39:35.175Z); FY2022: growth capex 698200000; upkeep 537480000; owner earnings 1253196000. Growth capex / owner earnings = 0.5571355159129139.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2023-12-31 (filed 2026-10-16T07:39:35.175Z); FY2023: growth capex 9303974.93529725; upkeep 1052787025.0647027; owner earnings 460603374.93529725. Growth capex / owner earnings = 0.020199537045520383.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2024-12-31 (filed 2026-10-16T07:39:35.175Z); FY2024: growth capex 168483408.95168114; upkeep 857653591.0483189; owner earnings 443499808.95168114. Growth capex / owner earnings = 0.37989511055243147.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2025-12-31 (filed 2026-10-16T07:39:35.175Z); FY2025: growth capex 0; upkeep 1135078000; owner earnings 10823200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:35.175Z); Dividend observations: [[2018,510678000],[2019,401513000],[2020,0],[2021,215872000],[2022,303995000],[2023,591430000],[2024,515270000],[2025,500521000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/6BF.STU.json#2025-12-31 (filed 2026-10-16T07:39:35.175Z); FY2025: cash repurchases 15206000 DKK.

### Are managers owners

Insiders own 16.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAKKA.OL SharesStats.PercentInsiders = 16.072 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:35.175Z); Ten-year compound average after fade. Initial solved rate 0.20324055131585939. Price 440.8; FX 1.4222095887815047; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2016-10: NOK 346.60 per share

- 2016-11: NOK 359.00 per share

- 2016-12: NOK 342.80 per share

- 2017-01: NOK 316.80 per share

- 2017-02: NOK 312.20 per share

- 2017-03: NOK 265.60 per share

- 2017-04: NOK 291.00 per share

- 2017-05: NOK 313.00 per share

- 2017-06: NOK 314.40 per share

- 2017-07: NOK 308.90 per share

- 2017-08: NOK 362.20 per share

- 2017-09: NOK 365.90 per share

- 2017-10: NOK 364.90 per share

- 2017-11: NOK 314.30 per share

- 2017-12: NOK 347.70 per share

- 2018-01: NOK 313.80 per share

- 2018-02: NOK 400.00 per share

- 2018-03: NOK 429.00 per share

- 2018-04: NOK 461.00 per share

- 2018-05: NOK 428.60 per share

- 2018-06: NOK 452.20 per share

- 2018-07: NOK 501.50 per share

- 2018-08: NOK 478.80 per share

- 2018-09: NOK 496.40 per share

- 2018-10: NOK 473.40 per share

- 2018-11: NOK 440.60 per share

- 2018-12: NOK 423.20 per share

- 2019-01: NOK 438.00 per share

- 2019-02: NOK 438.40 per share

- 2019-03: NOK 426.80 per share

- 2019-04: NOK 443.00 per share

- 2019-05: NOK 464.00 per share

- 2019-06: NOK 476.00 per share

- 2019-07: NOK 510.00 per share

- 2019-08: NOK 535.50 per share

- 2019-09: NOK 537.00 per share

- 2019-10: NOK 575.00 per share

- 2019-11: NOK 618.00 per share

- 2019-12: NOK 650.00 per share

- 2020-01: NOK 656.00 per share

- 2020-02: NOK 591.50 per share

- 2020-03: NOK 494.60 per share

- 2020-04: NOK 506.50 per share

- 2020-05: NOK 605.00 per share

- 2020-06: NOK 605.50 per share

- 2020-07: NOK 551.50 per share

- 2020-08: NOK 547.00 per share

- 2020-09: NOK 601.50 per share

- 2020-10: NOK 544.00 per share

- 2020-11: NOK 557.00 per share

- 2020-12: NOK 612.50 per share

- 2021-01: NOK 605.50 per share

- 2021-02: NOK 616.00 per share

- 2021-03: NOK 677.50 per share

- 2021-04: NOK 660.60 per share

- 2021-05: NOK 736.00 per share

- 2021-06: NOK 711.00 per share

- 2021-07: NOK 750.40 per share

- 2021-08: NOK 764.20 per share

- 2021-09: NOK 724.00 per share

- 2021-10: NOK 780.20 per share

- 2021-11: NOK 596.40 per share

- 2021-12: NOK 583.60 per share

- 2022-01: NOK 611.00 per share

- 2022-02: NOK 599.00 per share

- 2022-03: NOK 593.00 per share

- 2022-04: NOK 648.00 per share

- 2022-05: NOK 624.50 per share

- 2022-06: NOK 630.00 per share

- 2022-07: NOK 671.50 per share

- 2022-08: NOK 583.00 per share

- 2022-09: NOK 432.80 per share

- 2022-10: NOK 519.50 per share

- 2022-11: NOK 540.00 per share

- 2022-12: NOK 616.00 per share

- 2023-01: NOK 617.50 per share

- 2023-02: NOK 682.00 per share

- 2023-03: NOK 678.50 per share

- 2023-04: NOK 776.00 per share

- 2023-05: NOK 726.00 per share

- 2023-06: NOK 642.00 per share

- 2023-07: NOK 591.50 per share

- 2023-08: NOK 537.50 per share

- 2023-09: NOK 547.50 per share

- 2023-10: NOK 503.50 per share

- 2023-11: NOK 522.50 per share

- 2023-12: NOK 532.00 per share

- 2024-01: NOK 590.00 per share

- 2024-02: NOK 663.00 per share

- 2024-03: NOK 697.00 per share

- 2024-04: NOK 679.00 per share

- 2024-05: NOK 577.00 per share

- 2024-06: NOK 542.00 per share

- 2024-07: NOK 570.00 per share

- 2024-08: NOK 574.50 per share

- 2024-09: NOK 607.50 per share

- 2024-10: NOK 660.50 per share

- 2024-11: NOK 652.50 per share

- 2024-12: NOK 634.00 per share

- 2025-01: NOK 646.50 per share

- 2025-02: NOK 566.00 per share

- 2025-03: NOK 495.20 per share

- 2025-04: NOK 521.50 per share

- 2025-05: NOK 475.00 per share

- 2025-06: NOK 453.80 per share

- 2025-07: NOK 414.60 per share

- 2025-08: NOK 436.20 per share

- 2025-09: NOK 457.40 per share

- 2025-10: NOK 464.60 per share

- 2025-11: NOK 464.80 per share

- 2025-12: NOK 516.50 per share

- 2026-01: NOK 464.20 per share

- 2026-02: NOK 456.00 per share

- 2026-03: NOK 452.80 per share

- 2026-04: NOK 462.00 per share

- 2026-05: NOK 458.40 per share

- 2026-06: NOK 402.40 per share

- 2026-07: NOK 452.60 per share

- 2026-08: NOK 456.00 per share

- 2026-09: NOK 438.00 per share

- 2026-10: NOK 441.40 per share

## Annual estimated value (NOK per share)

- FY2022: low NOK 316.96 per share, central NOK 358.74 per share, high NOK 414.37 per share

- FY2023: low NOK 256.76 per share, central NOK 291.27 per share, high NOK 337.21 per share

- FY2024: low NOK 132.08 per share, central NOK 149.18 per share, high NOK 171.95 per share

- FY2025: low NOK 122.33 per share, central NOK 138.67 per share, high NOK 160.42 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.