Iceland Seafood International hf. – Valuation as of 1 Jan 2025

Key assumptions

• Operating revenue is projected to grow by an average of 5.6% per year during the forecast period.
• Gross profit as a percentage of sales amounts to 15.2% per year during the forecast period.
• Operating expenses as a percentage of operating revenues amount to 11% per year during the forecast period.
• Depreciation of operating assets, right-of-use assets, and intangible assets (excluding goodwill) amounts to 11.5% per year during the forecast period.
• The average cost of interest-bearing debt is 5.6% per year during the forecast period; financing is mostly in EUR.
• Income tax amounts to 20% per year during the forecast period.
• Invested capital in operating assets, right-of-use assets, and intangible assets (excluding goodwill) follows revenue growth.
• No dividend payments will be made in 2025, but from 2026 onward dividends will equal 65% of the owners’ total comprehensive income from the previous year throughout the forecast period. The equity ratio will be 30% at the end of the forecast period.
• Terminal growth at the end of the forecast period is 4%, corresponding to 1% real growth.
• See other general assumptions under “Valuation.”

Rerults

• Based on the above assumptions, the estimated share value is ISK 3.8 as of 1 January 2025 (EUR 1 = ISK 144).