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1. Company Snapshot

1.a. Company Description

Austevoll Seafood ASA, a seafood company, engages in the salmon and trout, white fish, and pelagic businesses in Norway, the European Union, the United Kingdom, Eastern Europe, Africa, Asia, North America, South America, and internationally.The company is involved in the ownership and operation of fishing vessels, as well as farming, aquaculture, processing, sale, and distribution of salmon and trout.It also produces white fish products, freezing and canning plants, fish meals, and fish oils; omega-3 oil; and canned and frozen fish products.


The company was incorporated in 1981 and is headquartered in Storebø, Norway.Austevoll Seafood ASA is a subsidiary of Laco AS.

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1.b. Last Insights on AUSS

Austevoll Seafood ASA's recent performance was driven by its solid dividend stock profile, with consistent earnings and a robust track record of paying dividends. The company's ability to navigate the mixed economic signals, including a dip in U.S. consumer confidence, has made it an attractive consideration for investors seeking stability and income potential. Additionally, Austevoll Seafood's focus on its core business and strong cash flow generation position it well for future growth and dividend payments.

1.c. Company Highlights

2. Austevoll Seafood's Q2 2025 Earnings: A Mixed Bag

Austevoll Seafood reported revenues of NOK10 billion and EBITDA of NOK1.3 billion for the second quarter of 2025. The company's EPS came in at NOK1.24, significantly beating analyst estimates of NOK0.42. Revenue for the quarter was impacted by lower spot prices, which negatively affected earnings. EBITDA per kilo in the value chain decreased to NOK12.4 from NOK27.1. The company's financial performance was also affected by a one-time gain from the sale of shares in two pelagic companies in 2024, making the current year's results not directly comparable.

Publication Date: Sep -02

📋 Highlights
  • Revenues and EBITDA decline: Austevoll Seafood reported Q2 2025 revenues of NOK 10 billion and EBITDA of NOK 1.3 billion, down from NOK 1.8 billion in Q2 2024 due to a one-off gain exclusion.
  • Salmon volume up, profitability down: Salmon/trout slaughter volumes rose 33% to 49,000 tonnes, but EBITDA per kilo fell to NOK 12.4 (from NOK 27.1) due to lower spot prices.
  • Pelagic segment struggles: Pelagic EBITDA dropped to NOK 200 million despite 12% revenue growth, driven by lower fishmeal/fish oil prices; Austral Group’s EBITDA fell to NOK 85 million (-64% YoY).
  • Chile’s resilience: Despite a 27-day fishing halt, Chile’s profitability improved with NOK 148 million EBIT, offset by higher prices and stable quotas.
  • Cash outflow and debt rise: Cash decreased to NOK 4.5 billion from NOK 5.2 billion due to a NOK 2.1 billion dividend (up from NOK 1.6 billion), while net debt rose to NOK 9.1 billion (+50% YoY).

Segment-wise Performance

The Pelagic segment saw a 12% increase in revenue, but EBITDA dropped to NOK200 million due to lower fishmeal and fish oil prices. Austral Group in Peru saw increased sales volume but lower prices for fishmeal and fish oil, resulting in an EBITDA of NOK85 million, down significantly from the previous year. The wild catch segment saw higher prices offsetting the impact of reduced quotas, leading to an EBIT of NOK148 million.

Valuation and Financial Health

Austevoll Seafood's valuation metrics indicate a relatively attractive position, with a P/E Ratio of 7.86, P/B Ratio of 1.11, and Dividend Yield of 7.07%. The company's Net Debt / EBITDA ratio stands at 1.56, indicating a manageable debt position. ROE and ROIC are at 14.46% and 9.76%, respectively, suggesting efficient use of capital. The company's cash position decreased to NOK4.5 billion by the end of the quarter, down from NOK5.2 billion at the beginning of the quarter, primarily due to a dividend payment of NOK2.1 billion.

Outlook and Industry Trends

Global salmon supply is expected to grow by 9% in 2025, with a 10% increase in Europe and a 10.4% increase in Norway, which may put pressure on profitability. White fish cod quotas decreased by 31%, but price increases have offset this reduction. The company expects the 2026 cod quota to be down by 21%, but volumes are expected to increase after that. Analysts estimate next year's revenue growth at 6.1%, indicating a relatively stable outlook for the company.

3. NewsRoom

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Austevoll Seafood ASA (FRA:Z85) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...

Nov -18

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Austevoll Seafood ASA (FRA:Z85) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...

Nov -12

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Austevoll Seafood And Two Other Leading Dividend Stocks To Consider

Jan -31

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Top Dividend Stocks To Consider In January 2025

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Austevoll Seafood And 2 Other Dividend Stocks To Boost Your Income

Nov -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.29%)

6. Segments

Leroy Seafood Group

Expected Growth: 8%

Leroy Seafood Group's 8% growth is driven by increasing demand for sustainable and responsibly sourced seafood, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on innovation, product diversification, and cost savings initiatives have contributed to its growth. The acquisition of Austevoll Seafood ASA has also strengthened its position in the market.

Pelagia Holding

Expected Growth: 6%

Pelagia Holding's 6% growth is driven by increasing demand for sustainable seafood, strategic acquisitions, and expansion into new markets. Austevoll Seafood ASA's vertically integrated business model and cost-efficient operations also contribute to growth. Additionally, investments in aquaculture and fisheries management support long-term sustainability and profitability.

Other/Eliminations

Expected Growth: 5%

Austevoll Seafood ASA's 5% growth in Other/Eliminations is driven by increased sales of value-added products, improved operational efficiency, and strategic acquisitions. Additionally, the company's focus on sustainability and eco-friendly practices has led to higher demand and premium pricing. Furthermore, the company's diversified customer base and geographic presence have mitigated risks and contributed to stable growth.

Austral Group

Expected Growth: 7%

Austral Group's 7% growth is driven by increasing demand for sustainable and eco-labelled seafood products, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on operational efficiency, cost savings, and investments in technology have contributed to its growth. Furthermore, the rising trend of healthy eating and growing popularity of seafood in Asia have also boosted Austral's performance.

Foodcorp Chile

Expected Growth: 9%

Foodcorp Chile's 9% growth is driven by increasing demand for sustainable and healthy seafood products, Austevoll Seafood ASA's strategic expansion into the Chilean market, and the company's focus on value-added products such as salmon fillets and portions, which appeal to the growing middle class in Latin America.

Br. Birkeland Farming

Expected Growth: 8%

Br. Birkeland Farming's 8% growth is driven by increasing demand for sustainable seafood, Austevoll Seafood ASA's strategic acquisitions, and efficient farming practices. Additionally, the company's focus on salmon and trout production, which are in high demand, contributes to its growth. Furthermore, the company's commitment to reducing its environmental footprint and improving fish welfare also supports its growth.

Br. Birkeland

Expected Growth: 6%

Austevoll Seafood ASA's 6% growth, driven by Br. Birkeland, is attributed to increasing demand for sustainable seafood, strategic acquisitions, and efficient operations. The company's focus on value-added products, strong distribution network, and cost savings initiatives also contribute to its growth momentum.

7. Detailed Products

Pelagic Fish

Austevoll Seafood ASA is a leading producer of pelagic fish, including herring, mackerel, and capelin. These fish are caught using sustainable methods and are processed into various products such as frozen whole fish, fillets, and fishmeal.

Fishmeal and Fish Oil

Austevoll Seafood ASA produces high-quality fishmeal and fish oil from pelagic fish. These products are used as ingredients in animal feed, aquaculture, and human nutrition.

Salmon and Trout

Austevoll Seafood ASA is a significant producer of farmed salmon and trout. These fish are farmed in a sustainable and responsible manner, ensuring a high-quality product.

Shrimp

Austevoll Seafood ASA sources and processes shrimp from sustainable fisheries and responsible aquaculture. The company offers a range of shrimp products, including peeled, deveined, and cooked shrimp.

Other Seafood

Austevoll Seafood ASA also sources and processes other seafood products, including cod, haddock, and crab. These products are sourced from sustainable fisheries and responsible aquaculture.

8. Austevoll Seafood ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Austevoll Seafood ASA operates in the seafood industry, which has several substitutes such as poultry, beef, and pork. However, the demand for seafood is relatively inelastic, and the company's products are differentiated, reducing the threat of substitutes.

Bargaining Power Of Customers

Austevoll Seafood ASA's customers are primarily wholesalers, retailers, and foodservice companies. The company's large customer base and diversified distribution channels reduce the bargaining power of individual customers.

Bargaining Power Of Suppliers

Austevoll Seafood ASA relies on a network of suppliers for raw materials, including fishmeal and fish oil. While the company has some bargaining power due to its large scale, suppliers may still exert some pressure on prices and delivery terms.

Threat Of New Entrants

The seafood industry has high barriers to entry, including significant capital requirements, regulatory hurdles, and the need for specialized expertise. These barriers limit the threat of new entrants.

Intensity Of Rivalry

The seafood industry is highly competitive, with many established players competing for market share. Austevoll Seafood ASA faces intense rivalry from other companies, including Grieg Seafood, Lerøy Seafood, and SalMar.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.82%
Debt Cost 8.71%
Equity Weight 56.18%
Equity Cost 8.71%
WACC 8.71%
Leverage 78.01%

11. Quality Control: Austevoll Seafood ASA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
M.P. Evans

A-Score: 7.5/10

Value: 6.6

Growth: 8.0

Quality: 8.1

Yield: 6.2

Momentum: 9.5

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
ForFarmers

A-Score: 7.0/10

Value: 9.2

Growth: 4.6

Quality: 5.1

Yield: 8.1

Momentum: 8.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Anglo-Eastern Plantations

A-Score: 6.8/10

Value: 7.9

Growth: 5.2

Quality: 7.5

Yield: 5.0

Momentum: 10.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Sipef

A-Score: 6.8/10

Value: 6.7

Growth: 5.1

Quality: 7.2

Yield: 3.1

Momentum: 9.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Austevoll Seafood

A-Score: 5.6/10

Value: 6.2

Growth: 5.1

Quality: 3.0

Yield: 7.5

Momentum: 4.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Adecoagro

A-Score: 3.9/10

Value: 1.9

Growth: 6.9

Quality: 2.6

Yield: 6.9

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

89.4$

Current Price

89.4$

Potential

-0.00%

Expected Cash-Flows