Purpose
The purpose of piltur.is is to help investors better understand the value of individual companies listed on the Icelandic stock market.
February 12, 2026
Updated versions of the first two valuation analyses have now been published on piltur.is, based on the companies’ 2025 financial statements and using 1 January 2026 as the valuation date. These analyses cover Festi hf. and Icelandair Group hf.
In the coming weeks, valuation analyses of more than twenty companies listed on the Icelandic stock exchange will be published, following the release of their 2025 annual results.
Readers are encouraged to follow the Piltur Facebook page, where updates on new content published on the website are posted.
Thorgils Ottar Mathiesen
About the Valuation
The valuation of individual companies is based on a ten-year financial forecast, prepared on a nominal basis, and the discounting of that forecast. The residual income valuation method is applied, whereby income in excess of or below the required rate of return is discounted and added to equity at the beginning of the forecast period, which represents the value of the respective company.
The financial forecast is based on historical figures from prior years’ financial statements, management guidance, where available in financial statements and other investor materials, and general operating assumptions as assessed by the analyst. No material changes in the operations of the respective company are assumed during the forecast period. It is further assumed that stability and balance prevail in the country’s economic environment.
When discounting the financial forecast, a 10% nominal required return on equity is applied in all cases. Reference is made to risk-free interest rates, i.e. long-term government bonds, with an added risk premium. Any additional company-specific investor risk is reflected through a discount applied to the present value.
The financial forecast and valuation published on this website are of a general nature and do not constitute investment advice regarding the purchase or sale of specific financial instruments. Please refer to the disclaimer.