Icelandic Salmon AS

Icelandic Salmon AS has a market capitalization of EUR 2.31 billion and a price-to-book ratio of 18.46, significantly above the industry median of 3.2. The company's liquidity position is characterized by a current ratio of 5.22, but its operating cash flow of EUR -22.09 million and free cash flow of EUR -17.47 million indicate ongoing cash generation challenges. The debt-to-equity ratio of 1.09 suggests moderate leverage, with long-term debt of EUR 136.39 million against total equity of EUR 124.98 million. Profitability metrics show a return on equity of -19.85% and a return on assets of -8.91%, both well below the industry median of 12.4% and 8.1%, respectively. The company reported a net loss of EUR 24.81 million for the period, with an operating loss of EUR 25.21 million. Gross profit of EUR 31.92 million on revenue of EUR 89.98 million implies a gross margin of 35.5%, which is in line with the industry median of 34.2%. The company's revenue is concentrated in a single business segment, salmon farming and processing, with no disclosed geographic diversification. This concentration increases exposure to regional supply chain disruptions and regulatory changes in the aquaculture sector. Outlook data indicates a projected revenue decline of 12.3% in the current fiscal year, with a further 8.1% contraction expected in the next fiscal year. This follows a historical revenue decline of 18.7% year-over-year in the most recent period. Analysts have assigned a mean price target of EUR 104.00, implying a 40.0% upside from the current market price of EUR 74.50. The risk assessment highlights liquidity concerns, with negative net cash after subtracting total debt. The company has a low dilution risk, with no near-term pressure from share issuance. However, the operating cash flow deficit and high leverage increase credit risk. No recent filings or transcripts have been identified that would materially alter the current risk profile.