Orkla ASA
Orkla ASA operates as an industrial investment company within brands and consumer-oriented businesses worldwide. It offers decorative paints, marine coatings, protective coatings, and powder coatings; frozen pizza, condiments, bread toppings, and ready-to-eat meals; bakery, ice cream, and plant-bas…
Orkla ASA operates as an industrial investment company within brands and consumer-oriented businesses worldwide. It offers decorative paints, marine coatings, protective coatings, and powder coatings; frozen pizza, condiments, bread toppings, and ready-to-eat meals; bakery, ice cream, and plant-based products; and confectionery, biscuits, and salty snacks. The company also provides branded consumer health products, such as daily nutrition and oral health, wound care, and functional personal care under the Möller's, Jordan, and Salvequick brand names; spices and spice blends, ready-to-eat sweets, breakfast mixes, and other; and cleaning and personal hygiene products, such as detergents, cleaning equipment, and personal care products. In addition, it operates a franchised pizza business; offers paintbrushes, rollers, and other painting project consumables comprising sanding equipment, tape, protective gear, and cleaning products; and health and sports nutrition products. The company was founded in 1654 and is headquartered in Oslo, Norway.Looks undervalued
5-year outlook: Not shown because confidence is low: Free-cash-flow DCF is somewhat apart.
Other models: NOK 90.13–134.66 (median 105.97). The recommended value is 42% above that median, so treat the upside with extra caution.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price below modeled range
Uses reported dividends of NOK 10.0000 per share from TTM through 30 Jun 2026, with 2.4% perpetual growth (base growth capped at the terminal rate) and 9.2% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 4.21%, discount rate 9.20%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 4.2% (sector default 5.3%, own revenue history 7.0%, analyst revenue consensus 2.3%).
Analyst consensus expects revenue growth of 2.3% a year; the growth assumption used is 4.2%.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — NOK 150.59 (+45.8%)
-
EPS-based Gordon proxy
— NOK 105.97 (+2.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
-
DCF (trailing free cash flow)
— NOK 98.43 (-4.7%)
Not used: Not chosen: Dividend discount model ranks ahead of it for this company.
-
FCFF (steady state)
— NOK 90.13 (-12.8%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
-
EV/EBITDA (12x)
— NOK 134.66 (+30.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
-
Fade DCF (10-year growth fade)
— NOK 98.14 (-5.0%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
-
EV/Sales (Rule of 40)
— NOK 294.54 (+185.1%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 115.23 | 10.4% |
| Base NOK 150.59 | 31.4% |
| Bull NOK 215.42 | 52.0% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At NOK 103.30 the market implies perpetual dividend growth of about this rate (discount rate 9.2%).
Compare: the market implies -0.4% a year, this model assumes 2.4%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| -1.6% | 111.82 | 100.41 | 91.11 | 83.39 | 76.88 |
| 0.4% | 147.65 | 128.72 | 114.09 | 102.45 | 92.96 |
| 2.4% | 213.33 | 176.55 | 150.59 | 131.28 | 116.36 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 82 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +4.9% a year | 12 / 20 |
| Balance sheet | net debt 1.0x EBITDA | 20 / 20 |
| Margins | EBITDA margin 17% | 10 / 20 |
Peers in Consumer Staples
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| ORK.OL (this company) | NOK 103.30 | 31.4% | 14.7 | 2.4 | 9.7% | 82 |
| WN.TO George Weston Limited | CAD 109.72 | 26.2% | 39.8 | 9.1 | 1.2% | 72 |
| KHC Kraft Heinz | USD 25.32 | 25.2% | – | 0.8 | 6.3% | 36 |
| CA.PA Carrefour SA | EUR 13.59 | 24.1% | 29.1 | 0.8 | 8.7% | 72 |
| ABF.L Associated British Foods plc | GBP 19.83 | 19.1% | 15.0 | 1.2 | 3.2% | 82 |
| ADM Archer Daniels Midland | USD 70.47 | 16.8% | 13.7 | 1.4 | 3.0% | 64 |
| AXFO.ST Axfood AB | SEK 281.90 | 8.5% | 24.8 | 8.1 | 3.1% | 70 |
| DLTR Dollar Tree | USD 137.94 | 0.3% | 16.3 | 7.7 | – | 72 |
| CCH.L Coca-Cola HBC AG | GBP 41.18 | -0.8% | 19.4 | 4.7 | 2.0% | 90 |
| Peer median | 19.4 | 3.0 | ||||
Dividends
Paid in the last 12 months: NOK 4.00 per share · yield 3.87% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 4.000 |
| 2025 | 6.000 |
| 2024 | 6.000 |
| 2023 | 3.000 |
| 2022 | 3.000 |
| 2021 | 2.750 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 13:54
| Revenue | NOK 70,821,000,000 |
|---|---|
| EBITDA | NOK 11,904,000,000 |
| EBIT | NOK 9,188,000,000 |
| Net income | NOK 6,816,000,000 |
| Free cash flow | NOK 6,622,000,000 |
| Capital expenditures | NOK 2,758,000,000 |
| Debt | NOK 13,873,000,000 |
| Cash | NOK 1,447,000,000 |
| Working capital | NOK 2,567,000,000 |
| Shares outstanding | 968,563,020 |