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1. Company Snapshot

1.a. Company Description

AKVA group ASA designs, purchases, manufactures, assembles, sells, and installs technology products; and provides rental and consulting services for the aquaculture industry.The company operates through three segments: Sea Based Technology (SBT), Digital, and Land Based Technology.The SBT segment offers plastic cages, steel cages, feed barges, feed systems, sensor and camera systems, biomass estimation systems, underwater lights, net cleaning systems, and nets and mooring systems under the Polarcirkel, Wavemaster, and Akvasmart hardware brands.


This segment also supplies polyethylene work boats and pipes to aquaculture and other industries.The Digital segment provides production control, planning, traceability, and ERP software for the aquaculture and fishing industries under the Fishtalk brand.This segment also operates AKVAconnect, a process control platform that that can be used to connect and control small fish farms to interconnected locations.


The Land Based Technology segment designs and delivers recirculation systems for land-based fish farming, as well as provides water quality conditions for fresh and seawater operations.AKVA group ASA operates in Norway, Chile, the United Kingdom, Denmark, Canada, and internationally.The company was incorporated in 1982 and is based in Klepp Stasjon, Norway.


AKVA group ASA is a subsidiary of Egersund Group AS.

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1.b. Last Insights on AKVA

AKVA group ASA's recent performance is driven by several positive factors. The company has set ambitious targets, aiming for NOK 5 billion in revenue and 9% EBIT by 2027, and NOK 7 billion by 2030. A new land-based contract with Laxey EHF for a post-smolt module worth MEUR 8.5 has been secured. Additionally, the company's Q2 2025 financial results presentation is scheduled for August 20th, 2025. Insider actions, including share distributions to primary insiders, have also been noted. These developments position AKVA for continued growth.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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AKVA group ASA: Completion of share buyback program

Nov -26

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3 European Stocks That May Be Trading Below Their Estimated Value

Nov -11

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AKVA Group ASA (STU:3QI) Q3 2025 Earnings Call Highlights: Record Revenue and Strategic Growth Plans

Nov -07

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AKVA group ASA: Q3 2025 financial reporting

Nov -07

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AKVA group ASA: New land-based RAS contract signed

Oct -03

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Precision Aquaculture Market Global Forecast to 2030: Growth is Fueled by Innovations in AI-driven Analytics and Environmental Sensors

Oct -01

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AKVA group ASA: Status buyback of own shares

Sep -29

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AKVA group ASA: Initiation of share buyback program

Sep -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.89%)

6. Segments

Sea Based Technology

Expected Growth: 8%

AKVA group ASA's Sea Based Technology segment growth is driven by increasing demand for sustainable aquaculture practices, government initiatives promoting eco-friendly fishing, and rising adoption of technology-enabled fish farming. Additionally, growing consumer preference for healthy and organic seafood, and expansion into new markets, contribute to the 8% growth rate.

Land Based Technology

Expected Growth: 7%

AKVA group ASA's Land Based Technology segment growth is driven by increasing demand for sustainable aquaculture practices, government initiatives promoting land-based farming, and rising adoption of recirculating aquaculture systems (RAS) for salmon and other species. Additionally, the company's innovative solutions, such as its tank design and water treatment systems, contribute to its market share expansion.

Digital

Expected Growth: 10%

AKVA group ASA's Digital segment growth is driven by increasing adoption of aquaculture technology, rising demand for sustainable and efficient farming practices, and growing need for data-driven decision making. Additionally, expansion into new markets, strategic partnerships, and continuous innovation in sensor technology and software solutions also contribute to the 10% growth.

7. Detailed Products

Feed Barges

AKVA group ASA provides feed barges that are designed to provide a safe and healthy environment for fish, while also ensuring efficient feeding and minimizing waste.

Cage Systems

AKVA group ASA offers cage systems that are designed to provide a safe and healthy environment for fish, with features such as durable materials, easy maintenance, and efficient water flow.

Sensors and Monitoring Systems

AKVA group ASA provides sensors and monitoring systems that enable real-time monitoring of water quality, oxygen levels, and other parameters, ensuring optimal conditions for fish growth.

Biomass Monitoring

AKVA group ASA offers biomass monitoring systems that use advanced sensors and software to monitor fish biomass, enabling farmers to optimize feeding and reduce waste.

Feed Systems

AKVA group ASA provides feed systems that are designed to provide efficient and accurate feeding, with features such as automated feeding and monitoring.

Mooring Systems

AKVA group ASA offers mooring systems that are designed to provide a safe and secure environment for fish, with features such as durable materials and easy maintenance.

Software Solutions

AKVA group ASA provides software solutions that enable farmers to monitor and manage their operations, including data analysis and reporting.

8. AKVA group ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

AKVA group ASA operates in a niche market with limited substitutes, but the increasing adoption of technology and automation in the aquaculture industry may lead to the development of new substitutes.

Bargaining Power Of Customers

AKVA group ASA has a diverse customer base, and no single customer accounts for a significant portion of its revenue, reducing the bargaining power of customers.

Bargaining Power Of Suppliers

AKVA group ASA relies on a few key suppliers for its raw materials, giving them some bargaining power, but the company's size and scale of operations mitigate this risk.

Threat Of New Entrants

The aquaculture industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to enter the market.

Intensity Of Rivalry

The aquaculture industry is highly competitive, with several established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.10%
Debt Cost 7.07%
Equity Weight 52.90%
Equity Cost 7.07%
WACC 7.07%
Leverage 89.02%

11. Quality Control: AKVA group ASA passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Wacker Neuson

A-Score: 6.0/10

Value: 6.8

Growth: 4.8

Quality: 4.1

Yield: 6.9

Momentum: 8.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Ponsse

A-Score: 5.5/10

Value: 6.0

Growth: 3.4

Quality: 6.5

Yield: 3.8

Momentum: 8.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Exel

A-Score: 5.3/10

Value: 9.3

Growth: 4.8

Quality: 3.6

Yield: 5.0

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Rosenbauer

A-Score: 4.6/10

Value: 6.1

Growth: 5.1

Quality: 2.4

Yield: 1.2

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
AKVA group

A-Score: 4.6/10

Value: 4.9

Growth: 5.4

Quality: 4.4

Yield: 0.6

Momentum: 10.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Engcon

A-Score: 2.7/10

Value: 0.2

Growth: 4.2

Quality: 7.8

Yield: 0.6

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

88.2$

Current Price

88.2$

Potential

-0.00%

Expected Cash-Flows