Salmon Evolution ASA (SALME.OL) | Investment Case

1. Company Snapshot

1.a. Company Description

Salmon Evolution ASA, together with its subsidiaries, operates as a land-based salmon farming company in Norway.It focuses on the production of salmon meals.The company was founded in 2017 and is headquartered in Elnesvågen, Norway.

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1.b. Last Insights on SALME

Salmon Evolution ASA faced challenges due to unfavorable market conditions, characterized by renewed uncertainty about U.S. trade policy and escalating geopolitical tensions. The European market downturn, with significant declines in major indexes, likely impacted the company's performance. Moreover, mixed economic signals and trade uncertainties may have affected investor sentiment. As the company navigates this challenging environment, high insider ownership could provide stability and alignment of interests between management and shareholders. Recent earnings releases have not been cited, however.

1.c. Company Highlights

Last Price	4.77
Change Percentage	0.42%
Open	4.76
Previous Close	4.75
Market Cap ( Millions)	2207
Volume	767948
Year High	7.15
Year Low	4.66
M A 50	5.08
M A 200	5.69

FCF Yield	-39.84%
Dividend Yield	0.00%
ROE	-8.08%
Debt / Equity	50.90%
Net Debt / EBIDTA	-2177.70%
Price To Book	1.02
Price Earnings Ratio	-12.11
Price To FCF	-2.51
Price To sales	6.5
EV / EBITDA	-72.89

2. Transcript Summary

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3. NewsRoom

Salmon Evolution ASA (FRA:60E) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...

Nov -18

Source:

European Growth Stocks With High Insider Ownership August 2025

Aug -06

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3 European Growth Companies With High Insider Ownership And Up To 61% Earnings Growth

Jun -16

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European Growth Stocks With High Insider Ownership Expecting Up To 53% Earnings Growth

May -13

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European Growth Companies With High Insider Ownership In April 2025

Apr -14

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European Growth Companies With High Insider Ownership To Watch

Mar -07

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Salmon Evolution ASA (STU:60E) Q3 2024 Earnings Call Highlights: Navigating Challenges with ...

Nov -08

Source:

Salmon Evolution ASA: Another profitable quarter

Aug -15

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.13%)

6. Segments

Farming Norway

Expected Growth: 10.47%

Salmon Evolution ASA's 10.47% growth in Norway's farming segment is driven by increasing demand for sustainable seafood, government support for aquaculture, and the company's efficient production costs. Additionally, Norway's favorable climate and access to natural resources support high-quality salmon production, while the company's commitment to innovation and R&D further boosts growth.

Other

Expected Growth: 4.83%

Salmon Evolution ASA's 4.83% growth is driven by increasing demand for sustainable seafood, expansion into new markets, and strategic partnerships. Additionally, the company's focus on land-based salmon farming, which reduces environmental impact, resonates with eco-conscious consumers. These factors, combined with efficient operations and cost management, contribute to the company's impressive growth.

7. Detailed Products

Land-Based Salmon Farming

Salmon Evolution ASA offers land-based salmon farming solutions, providing a sustainable and environmentally friendly way to produce high-quality salmon.

Recirculating Aquaculture Systems (RAS)

The company's RAS technology enables the recycling of up to 99% of water, minimizing waste and reducing the environmental footprint of salmon farming.

Sustainable Feed Solutions

Salmon Evolution ASA offers sustainable feed solutions that reduce the environmental impact of salmon farming, using alternative ingredients and minimizing waste.

Fish Welfare Monitoring

The company's fish welfare monitoring system ensures the health and well-being of farmed salmon, reducing stress and improving overall fish welfare.

Data Analytics and Monitoring

Salmon Evolution ASA's data analytics and monitoring solutions provide real-time insights into aquaculture operations, enabling data-driven decision making.

8. Salmon Evolution ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Salmon Evolution ASA faces moderate threat from substitutes, as consumers have limited alternatives to farmed salmon.

Bargaining Power Of Customers

Salmon Evolution ASA has a diverse customer base, reducing the bargaining power of individual customers.

Bargaining Power Of Suppliers

Salmon Evolution ASA relies on a few key suppliers for feed and equipment, giving them moderate bargaining power.

Threat Of New Entrants

The high capital requirements and regulatory barriers to entry make it difficult for new entrants to join the market.

Intensity Of Rivalry

The salmon farming industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	26.08%
Debt Cost	4.70%
Equity Weight	73.92%
Equity Cost	6.79%
WACC	6.25%
Leverage	35.28%

11. Quality Control: Salmon Evolution ASA passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Origin

A-Score: 6.1/10

Value: 8.9

Growth: 4.6

Quality: 4.2

Yield: 3.8

Momentum: 8.5

Volatility: 7.0

1-Year Total Return ->

KWS SAAT

A-Score: 5.5/10

Value: 7.0

Growth: 3.9

Quality: 7.8

Yield: 2.5

Momentum: 5.0

Volatility: 7.0

1-Year Total Return ->

Salmon Evolution

A-Score: 4.5/10

Value: 7.6

Growth: 7.1

Quality: 4.5

Yield: 0.0

Momentum: 0.5

Volatility: 7.3

1-Year Total Return ->

Grieg Seafood

A-Score: 4.4/10

Value: 8.4

Growth: 3.0

Quality: 3.2

Yield: 2.5

Momentum: 6.5

Volatility: 2.7

1-Year Total Return ->

Gobarto

A-Score: 3.8/10

Value: 6.8

Growth: 7.3

Quality: 1.8

Yield: 0.0

Momentum: 5.0

Volatility: 1.7

1-Year Total Return ->

Måsøval

A-Score: 3.7/10

Value: 6.2

Growth: 4.6

Quality: 1.2

Yield: 6.2

Momentum: 1.5

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

14.86%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.25%

Salmon Evolution ASA - NO0010892094

1. Company Snapshot

1.a. Company Description

Salmon Evolution ASA, together with its subsidiaries, operates as a land-based salmon farming company in Norway.It focuses on the production of salmon meals.The company was founded in 2017 and is headquartered in Elnesvågen, Norway.

1.b. Last Insights on SALME

1.c. Company Highlights

Lower Growth

Lower Yield

Medium Volatility

Earnings Beats

Revenues Beats

Fairly Valued

Earnings Miss

Revenues Miss

Stable Momentum

Average Quality

Lower Quality

Weak Momentum

Higher Growth

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.13%)

6. Segments

Farming Norway

Expected Growth: 10.47%

Other

Expected Growth: 4.83%

7. Detailed Products

Land-Based Salmon Farming

Recirculating Aquaculture Systems (RAS)

Sustainable Feed Solutions

Fish Welfare Monitoring

Data Analytics and Monitoring

8. Salmon Evolution ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Salmon Evolution 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.77$

Current Price

4.77$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA