Financials BioFish Holding

Equities

BFISH

NO0010955198

Fishing & Farming

Market Closed - Oslo Bors Other stock markets 15:45:00 05/06/2024 BST			5-day change	1st Jan Change
1.21 ^NOK	+2.11%		+3.86%	-13.57%

05-15	BioFish Holding AS Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-22	BioFish Holding AS Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025
Capitalization ¹	193.5	80.4	120.6	120.6	-
Enterprise Value (EV) ¹	193.5	80.4	123.7	92.56	79.56
P/E ratio	-	-	-9.12 x	-19.8 x	9.88 x
Yield	-	-	-	-	-
Capitalization / Revenue	10.6 x	3.97 x	2.59 x	1.72 x	0.93 x
EV / Revenue	10.6 x	3.97 x	2.59 x	1.32 x	0.62 x
EV / EBITDA	-28.6 x	-	-31.7 x	8.41 x	1.81 x
EV / FCF	-	-	-2.7 x	-3.56 x	6.12 x
FCF Yield	-	-	-37.1%	-28.1%	16.3%
Price to Book	-	-	0.52 x	0.74 x	0.66 x
Nbr of stocks (in thousands)	13,400	13,400	101,735	101,735	-
Reference price ²	14.44	6.000	1.185	1.185	1.185
Announcement Date	31/05/22	30/05/23	22/03/24	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025
Net sales ¹	18.33	20.24	47.68	70	129
EBITDA ¹	-6.755	-	-3.906	11	44
EBIT ¹	-7.155	-	-10.16	-1	32
Operating Margin	-39.04%	-	-21.3%	-1.43%	24.81%
Earnings before Tax (EBT) ¹	-	-	-12.32	-6	29
Net income ¹	-	-14.89	-12.01	-7	22
Net margin	-	-73.56%	-25.19%	-10%	17.05%
EPS ²	-	-	-0.1300	-0.0600	0.1200
Free Cash Flow ¹	-	-	-61	-26	13
FCF margin	-	-	-127.08%	-37.14%	10.08%
FCF Conversion (EBITDA)	-	-	-	-	29.55%
FCF Conversion (Net income)	-	-	-	-	59.09%
Dividend per Share	-	-	-	-	-
Announcement Date	31/05/22	30/05/23	22/03/24	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2022 Q1	2022 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	7.681	1.98	1.98	27.58	-	17.19	3.2	27	27
EBITDA ¹	-	-6.32	-6.32	-	-8.517	-0.831	-5	7	7
EBIT ¹	-	-6.92	-6.92	-	-11.52	-2.282	-8	4	4
Operating Margin	-	-349.49%	-349.49%	-	-	-13.28%	-250%	14.81%	14.81%
Earnings before Tax (EBT) ¹	-	-7.03	-	-	-13.11	-3.831	-9	3	3
Net income ¹	-	-7.03	-	8.083	-12.8	-3.831	-9	2	2
Net margin	-	-355.05%	-	29.31%	-	-22.29%	-281.25%	7.41%	7.41%
EPS ²	-	-	-	-	-	-	-0.0900	0.0100	0.0100
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	30/09/21	30/09/22	30/09/22	14/12/23	22/03/24	15/05/24	-	-	-

¹NOK in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025
Net Debt ¹	-	-	44	-	-
Net Cash position ¹	-	-	-	28	41
Leverage (Debt/EBITDA)	-	-	-22 x	-	-
Free Cash Flow ¹	-	-	-61	-26	13
ROE (net income / shareholders' equity)	-	-	-	-	9.5%
ROA (Net income/ Total Assets)	-	-	-	-	-
Assets ¹	-	-	-	-	-
Book Value Per Share ²	-	-	2.300	1.600	1.800
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	-	43	12	12
Capex / Sales	-	-	89.58%	17.14%	9.3%
Announcement Date	31/05/22	30/05/23	22/03/24	-	-

¹NOK in Million²NOK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for BioFish Holding

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.185 NOK

Average target price

2 NOK

Spread / Average Target

+68.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Aquaculture

	1st Jan change	Capi.
BIOFISH HOLDING	-13.57%	11.4M
BAKKAFROST	+4.79%	3.13B
EMPRESAS AQUACHILE S.A.	0.00%	1.09B
GRIEG SEAFOOD ASA	+4.10%	738M
RUSSIAN AQUACULTURE	-.--%	504M
BENCHMARK HOLDINGS PLC	+30.85%	428M
MÅSØVAL	+30.00%	388M
SHANDONG HOMEY AQUATIC DEVELOPMENT CO.,LTD.	-26.47%	359M
ICELANDIC SALMON	-17.24%	357M
MULTIEXPORT FOODS S.A.	+15.37%	357M

Aquaculture