Industry – July 9, 2026
SEB: Was Måsøval overpriced? Here’s why it doesn’t matter
SalMar's agreement to acquire a 70 percent stake in Måsøval looks expensive compared with other listed salmon companies, but the strategic value of the assets means the deal should strengthen the group's long-term profitability, according to Sander Lie, an analyst at financial services group, SEB.
The bank said SalMar's purchase of Heimstø's controlling stake for NOK 39.50 (€3.52) per share, valuing the transaction at NOK 3.4 billion (€303 million), gives the company additional farming capacity in one of Norway's most attractive production regions.
Lie said the price equates to an enterprise value of 311 NOK per kilogram of expected 2026 production, excluding co-location volumes. That compares with an average of 216 NOK/kg for the listed salmon farming sector.
"The transaction values Måsøval at a 2026E EV/kg of 311 when excluding co-location volumes. This might appear steep versus the sector," Lie wrote.
However, he believes the company has scope to increase production from its existing licences and infrastructure over the next few years, reducing the effective purchase multiple.
Lie also pointed to the scarcity of salmon farming capacity in Norway's Mid region.
"New capacity for region Mid is scarce and has not been auctioned since 2020."
Because SalMar already operates in the same area, SEB expects it to benefit from operational efficiencies by integrating smolt production, processing facilities and farming operations.
Although SalMar has not yet put a figure on potential synergies, SEB estimates the acquisition could increase the group's harvest volumes by around 8 percent compared with current forecasts and lift operating profit by 5-7 percent over the coming years.
Lie concluded that while the valuation appears demanding based on Måsøval's current production and earnings, the quality of the assets and their location justify paying a premium.
"A transaction has been on the table ever since Kverva bought a 10% stake in Måsøval earlier this year, so it should not come as a large surprise to the market. However, firming up a deal will likely be appreciated by the markets today."
