2023-07-31-AUSS - OL-BuySellSignals Resea-Austevollafood Sinks 14 in 2023-103225804

Norway Edition Monday, July 31, 2023
Austevollafood (AUSS) down 14% in 2023 NOK76.15

Austevollafood sinks 14% in 2023
Austevoll Seafood ASA's stock price sunk NOK12.30 (or 13.9%) In this Report:
year-to-date (YTD) in 2023 to close at NOK76.15. Highlights: (Click tab for direct access) Page
Compared with the Oslobors Benchmark Index which has risen DATA & ARCHIVE DOWNLOAD CENTER 1
4.7% YTD, this is a relative price change of -18.6% for The Past Quarter
Austevollafood shareholders. Financials 3
Press Releases and Corporate Wire 4
Austevollafood is Norway's 5th largest Food Products company
Bearish Signals 7
by market cap.
Ongoing Bearish Parameters 7
Average daily volume of 208,292 shares so far in 2023 was 0.9 Bullish Signals 12
times the average daily volume in 2022. Ongoing Bullish Parameters 15

Corporate Profile 19
Fig 1: Primary Exchange and Other Financials FY 2022 19
Listings: Trading Currency and Dividend 21
Volume Top Management and Board of Directors 21

Financials as Reported FY 2022, Past 7 Years 22
Curren ADV Peer Comparison & Ranking of AUSS 25

Exchange Ticker Last Vol % of Total
cy T Currency Synopsis: Norwegian Krone (NOK) 29
Oslobors AUSS NOK 76.15 254,4 96.0 OTHER LISTINGS AND STOCK IDENTIFIERS 30
39 Historical Perspective 30
Frankfurt Z85 EUR 6.74 1,326 4.0 Credit Rating Summary: NORWAY 31
Total 100.00 Index 31

Glossary 33
1 NOK [Norwegian Krone]= 0.089 EUR Note also:

ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)
Section Headers and Figures are mapped as Bookmarks in the PDF menu
(left, top)
Fig 2: Activities Last Updated: Wednesday, July 05, 2023
Austevoll Seafood group is a significant player in pelagic fishery,

fishmeal/oil production, processing of fish for human
consumption, sale of fish products and salmon farming. It is
Norway's 5th largest Food products company by market
capitalisation.
DATA & ARCHIVE DOWNLOAD CENTER

AUSS: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:
• PRICE VOLUME - 5-YEAR HISTORY
• FINANCIALS - 7-YEAR HISTORY [INCLUDING FY 2022]
• PEER COMPARISON - STOCK IN FOOD PRODUCTS SECTOR AND STOCK IN INDICES
AUSS: LINKS IN HTML TO FURTHER INFORMATION:
• NEWS ARCHIVES - AUSS PAST 3 YEARS IN HTML
• PRICE VOLUME CHARTS IN HTML
• USD vs NOK EXCHANGE RATE CHARTS IN HTML
www.BuySellSignals.com . . @selltipsdotcom Index and Glossary at end of this Report.

Fig 3: AUSTEVOLLAFOOD (AUSS) Stock Dashboard [traded in Norwegian

Krone, NOK] End-of-Day
Exchange NORWEGIAN [Oslobors]
Currency 1.000 USD = 10.2 Norwegian Krone
(NOK)
Jul 31, 2023 NOK76.15
EPS (FY2022) NOK12.34
AUSS P/E Stock 6.2; Sector 13.9
AUSS Dividend Yield % (TTM) Stock 7.2; Sector 4.6
DPS (past 12 months) NOK6
EPS Growth (FY2022 vs FY2021) 25.7%
Ave Daily Volume 241,348 shares
52-Week Price Range 61.94 - 116.15
Sector Food Products
Market Cap NOK15 billion [US$2 billion]
Shares Outstanding 202,717,374
AUSS in Indices OBSFX SEAFOOD NR, OBSFX SEAFOOD
PR [of 9 stocks]
PVNOK1000 (1 yr) NOK722
PVUS$1000 (1 yr) US$692*
*If You Invested $1,000 in Austevollafood a year ago, This is How Much You Would Have Today: $692. USD1000 would have bought
NOK9,660 for 86.4 shares (@the then price of 111.81) worth NOK722 @76.15 today. Dividends reinvested are worth $40.
Fig 4: Past Quarter Snapshot

Beginning of Quarter (28 End-of Quarter (31 Jul, 2023) Change
Apr, 2023)
NOK %
Price NOK94.46 NOK76.15 -17.18 -18.4
Market Cap NOK1.9 billion NOK1.5 billion -393.8 million -18.4
P/E 14.0 6.2
Dividend Yield % 4.5 7.2
Low During Quarter 70.95 on Mon 10 Jul, 2023

High During Quarter 95.41 on Tue 02 May, 2023
VWP 82.6
"Your content offering is consistently in the top 10 of accessed publications." .... Refinitiv
www.BuySellSignals.com . . @selltipsdotcom Page 2

Fig 5: LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best]

Austevollafood is ranked number 5 out of 13 listed food products
companies in the Norway with a market capitalization of
NOK15.4 billion ($1.5 billion).
In the food products companies it has the 3rd highest total
assets and 2nd highest revenues.
Within its sector it has a relatively low P/E of 6.2, low P/E/G of 0.24
and low Price/Sales of 0.5.
It has a strong relative ROE of 15.2% and ROA of 8.9%. Finally, its
earnings growth in the past 12 months has been a comparatively
high 25.7%.
Stocks are scored on a set of parameters reflecting fundamental
analytical tools involving valuation, size and financial
performance. They are ranked according to the average values
of those parameters. The highest ranking is 5 and the lowest
ranking is 1.
The Past Quarter: Financials
Fig 6: AUSS Financials Summary: EPS up 25.7% to NOK12.34 in FY2022 [ y.e.

31 Dec 2022]
Net profit was up 25.6% from $195.8 million in FY2021 to $245.9 million in FY2022.
Earnings Per Share (EPS) was up 25.7% from NOK9.82 in FY2021 to NOK12.34 in FY2022.
Year ended Dec FY2022 FY2021 FY2020

Sales ($ B) 3.1 2.6 2.2
Pretax ($ M) 536.1 432.2 101.5
Net ($ M) 245.9 195.8 48.8
EPS (NOK) 12.34 9.82 4.55
www.BuySellSignals.com . . @selltipsdotcom Source: Annual/Quarterly Report Page 3

The Past Quarter: Press Releases and Corporate Wire
Fig 7: Press Releases and Corporate Wire

May 25: Austevollafood: Ex dividend NOK 5.50 today
The shares in Austevoll Seafood ASA will be quoted ex-dividend NOK 5.50 per share as of today, 26 May 2023.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Source: Oslo Bors
May 25: Ordinary General Meeting held in Austevoll Seafood ASA
The Ordinary General Meeting of the shareholders of Austevoll Seafood ASA was held at 10:00 hours today, 25 May 2023. All items
were resolved in accordance with the Boards Calling Notice and the Nomination Committee's recommendations.
The General Meeting approved to distribute a dividend of NOK 5.50 per share. The dividend will be paid on 9 June 2023 and shall
be paid to the shareholders who are registered shareholders of Austevoll Seafood ASA as of 25 May 2023.
The shares in Austevoll Seafood ASA will be quoted ex-dividend from 26 May 2023.
Please see attached translated copy of the minutes of the Ordinary General Meeting in Austevoll Seafood ASA 25 May 2023.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Source: Oslo Bors
May 04: Notice of Ordinary General Meeting of Austevoll Seafood ASA
Please find attached the Notice of Ordinary General Meeting of Austevoll Seafood ASA. The Ordinary General Meeting will be held
on Thursday 25 May 2023 at 10.00 a.m. CET as a digital meeting.
The Notice will be posted electronically or by mail to all shareholders. Notice of General Shareholders' Meeting and related
documents are also available at www.auss.no The Annual Report 2022 was published 28 April 2023 and is available on the
company's web site www.auss.no
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Source: Oslo Bors
May 10: Austevollafood : Chairman's Statement
DEAR STAKEHOLDERS
Over time Austevoll Seafood ASA (AUSS) has focused on building a strong organisation, ensuring that all participants in our group of
companies (Group) have organisations well prepared to solve challenges and difficult and changing conditions. Following
challenging years in 2020 and 2021 with many restrictions related to the covid 19 pandemic, restrictions were lifted during the first
quarter of 2022. Special situations call for extraordinary efforts and put organisations to the test and we are proud of the effort, the
flexibility and adaptability that our employees have shown during the challenging pandemic years.
2022 was a record year for the Group with an EBITDA in excess of NOK 6.8 billion including 50% of Pelagia. 70% of our result came
from our salmon and whitefish activity in Leroy Seafood Group ASA (LSG), and 30 % came from the remaining pelagic activity in the
Group achieving for the first time an EBITDA in excess of NOK 2 billion. We are pleased with the financial performance of all our
pelagic activities in both South America and the North Atlantic.

In 2022, the salmon industry harvest volumes decreased by 1% to approx. 2.86 million tonnes, compared with 2.89 million tonnes in
2021. Harvest volumes in Norway decreased by 2.6%, and the average spot prices for 2022 were up 38.5% (NOK 79 per kg)
compared with 2021 prices (NOK 57 per kg). LSG earnings were stronger than in 2021. However, LSG experienced a setback in terms
of volumes harvested. From a harvest volume of 187,000 tonnes in 2021, LSG's harvest volume of salmon and trout fell 6%, to 175,000
tonnes, in 2022. While LSG was able to reduce fish mortality in 2021 compared to 2020, this trend was reversed in 2022. Several
projects and actions have been implemented to reduce mortality, increase growth speed, and reach LSG's targeted harvest
volume of 205,000 tonnes in 2025.
For whitefish, the total volume caught was 71,700 tonnes in 2022 which is on par with 71,500 tonnes in 2021.
May 10: Austevollafood : Outlook
OUTLOOK
Atlantic salmon and trout, and whitefish LSG works to develop an efficient and sustainable value chain for seafood. This not only
provides cost-efficient solutions, but also quality, availability, a high level of service, traceability and competitive climaterelated and
environmental solutions.
The Group is not satisfied with the development in growth in the farming operations in the second half of 2022, and a raft of
measures have been implemented throughout the segment's value chain. These measures are expected gradually to generate
positive effects. At the same time, cost inflation for input factors will continue to manifest itself in 2023. Release from stock costs for
the present year are therefore expected to be higher than in 2022. For its consolidated operations, LSG currently estimates a harvest
volume of around 175,000 tonnes in 2023. The Group's share from the joint venture is forecast to be approx. 18,500 tonnes. LSG's total
harvest volume in 2023 is expected to be in the region of 193,500 tonnes.
The cod quota is down 15% and the haddock quota up 8% compared to 2022. For saithe caught north of 62 degrees, the quota has
been increased by 11%, while the quota for saithe in the North Sea is up 19%. The quotas for other species such as redfish and
Greenland halibut are unchanged from 2022.
Investments - leading to good, full-year jobs - in downstream entities in recent years, including in a new industrial facility for Leroy
Midt, a new factory in Stamsund and new factories in Spain, the Netherlands and Italy, are expected to make a positive
contribution going forward. Political risk for LSG's value chain has increased, but the Group has a clear ambition to grow operating
profit in this segment in the years ahead. This risk was laid bare on 28 September 2022 when the Norwegian government and Ministry
of Finance tabled their resource rent proposal, which is detrimental to the industry.
June 06: Austevoll Seafood ASA: Bond Mandate Announcement and Fixed Income Investor Calls
Austevoll Seafood ASA, rated BBB- (stable) by Nordic Credit Rating, has mandated Pareto Securities AS and Nordea Bank Abp, filial i
Norge as Joint Lead Managers, to arrange a series of fixed income virtual investor meetings. One or more NOK-denominated senior
unsecured bond issues with expected tenors of 5-7 years, with preference for longer dated tenors, may follow, subject to inter alia
market conditions.
Source: Oslo Bors
May 31: Austevoll Seafood ASA assigned an investment grade rating from Nordic Credit Rating
Nordic Credit Rating ("NCR") has on June 1st 2023 assigned an "BBB-" long term issuer credit rating on Austevoll Seafood ASA ("AUSS")
with a "stable outlook".
The full report is available at https://nordiccreditrating.com/issuer/austevoll-seafood-asa
The credit rating confirms the Group and parent company's financial position and underpins continued continuity in financing at
competitive terms.
Source: Oslo Bors

May 15: Financial report Q1 2023
Group operating revenue in Q1 2023 totalled NOK 8,002 million, compared with NOK 6,565 million in Q1 2022, an increase of 22%.
The growth in revenue comes from the farming companies and is driven by strong prices as well as by the weak Norwegian krone.
Operating EBIT in Q1 2023 was NOK 1,249 million, against NOK 1,132 million in Q1 2022. Inflation over the past year means higher
prices for the Group's products but also for virtually all input factors, impacting costs. The operating EBIT margin for Q1 2023 was 16%,
compared with 17% in Q1 2022. The growth in earnings comes from the farming companies as well as the joint ventures and
associates.
Norskott Havbruk AS and Pelagia Holding AS are joint ventures and the two largest associates. Income from associates before fair
value adjustment related to biological assets in Q1 2023 totalled NOK 75 million (Q1 2022: NOK 59 million). The equivalent figure
including fair value adjustment of biological assets was NOK 66 million (Q1 2022: NOK 129 million). Pelagia has continued its positive
development and improved its Q1 results compared with Q1 2022. Cost focus/rationalisation, growth and good sales volumes for
finished products combined with higher prices realised for fishmeal, protein concentrate and fish oil all contributed to the earnings
improvement. However, Norskott's earnings continued to be affected by the challenging biological situation in the second half of
2022. The Group's joint ventures and associates have generated good results over time, are significant enterprises in their segments
and represent substantial values for Austevoll Seafood ASA. Please refer to note 5 for more detailed information on associates.
Operating profit after fair value adjustment of biological assets and income from joint ventures and associates totalled NOK 1,679
million in Q1 2023 (Q1 2022: NOK 1,383 million).
Fair value adjustment related to biological assets was NOK 460 million.
May 08: Austevollafood: Invitation to presentation of results for Q1 2023
Austevoll Seafood ASA will present its results for Q1 2023 on 16 May 2023 at 09:00 a.m. CET at Hoyres Hus Konferanse &
Selskapslokaler, Emil Stang, Stortingsgata 20, Oslo.
The presentation will be held in Norwegian followed by a Q&A session. You may alternatively follow the Norwegian presentation
and submit questions through a live broadcast available on www.auss.no.
The quarterly report and presentation will be published at 07:00 a.m. CET.
A recording of the presentation in English will be available from 12:00 p.m. CET on www.auss.no.
The presentation will be held by CEO Arne Mogster and CFO Britt Kathrine Drivenes.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Source: Oslo Bors

Bearish Signals
Fig 8: Rank in the bottom 21% by Price Performance in the Norwegian

market
Description Value Rank
Rel Strength 6 mo 22 In Bottom 21%
Downtrend
Beta < 1 combined with price fall. The Beta of the stock is 0.6.
Price/Moving Average Price of 0.93 and negative MACD:

• The Price/MAP 200 for Austevollafood is 0.93. Being less than 1 is a bearish indicator. It is lower than the Price/MAP 200 for the
Oslobors Benchmark Index of 1.03, a second bearish indicator. The stock is trading below both its MAPs and the 50-day MAP of
NOK79.01 is lower than the 200-day MAP of NOK82.29, a third bearish indicator. The 200-day MAP has decreased to NOK82.29,
a fourth bearish indicator.
• The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 74.55 minus
the 26-day EMA of 74.99 is negative, suggesting a bearish signal.
Trailing Relative Strength (6 months) at 22 percentile:

• The stock has a 6-month relative strength of 22 in the Norwegian market of 318 stocks and 1 preference stock indicating it is
trailing 78% of the market.
Other Bearish Signals

• Total Liabilities/EBITDA of 5.4 is more than 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.
Overbought/Bearish Signals
• The stock is overbought according to the Williams % R indicator of -16.5, suggesting the price is close to its 14-day high of
NOK77.05.
Ongoing Bearish Parameters
Fig 9: Rank in the bottom 24% by Growth in the Norwegian market

EPS Growth % 25.7 In Bottom 24%

Fig 10: Present Value of NOK1000 Invested in the Past [3 Mo, 1 Yr]; The
Worst Periods with PVNOK1000 < 866
PVNOK1,000 3 mo ago 1 yr ago
AUSS.OB NOK865 NOK722
Food Products sector NOK867 NOK13,947
Oslobors Benchmark Index NOK1,052 NOK993
Fig 11: The Worst Periods [3 Mo, 1 Yr] with Price Change % < -18.3
1-Year price change of -31.9% for Austevollafood underperformed the change of -0.7% in the Oslobors Benchmark Index for a
relative price change of -31.2%.
Price Change % Quarter Year
Austevollafood -18.4 -31.9
Food Products sector -13.3 1,294.7
Oslobors Benchmark Index 3 -0.7
Fig 12: Moving Annual Return of -27.0% in the past year

Moving Annual Return was -27.0% in the past year. Based on a Quotes from Legends: Annual Return
dynamic start date of 5 years ago, the real rate of return has
averaged 4%. The Moving Annual Return has been negative in 3
out of 5 years.
Dividen Capital Annual
Close %
AUSS ds Gain / Return
(NOK) Yield
(NOK) (Loss) % %
Jul 31 76.15 5.5 (31.9) 4.9 (27.0)
1 Yr ago 111.81 4.5 8.6 4.4 13.0
2 Yrs ago 102.95 3.5 47.2 5 52.2
3 Yrs ago 69.92 2.5 (13.1) 3.1 (10.0)
4 Yrs ago 80.47 3.5 (11.9) 3.8 (8.0)
Close 5 years ago NOK91.31

Fig 13: Annualised Period-based Total Shareholder Returns [TSR %]: The
Worst Period with TSR < -27.7%
TSR % 1 yr
AUSS.OB -27.8
Fig 14: Declining Volume, down 24% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT)
has decreased 24.0% to 241,348 shares.
Avg. Daily Volume Traded 12 months ended Jul 31, thousand
shares
Year ADVT
2023 241.3
2022 200.7
2021 228.5
2020 271.8
2019 317.7
Fig 15: Declining VWAP, down 9% in 5 years

In the past five years Volume Weighted Average Price (VWAP)
has decreased by 8.8% to NOK81.93. Based on a dynamic start
date of five years ago, there have been declines in VWAP in 2
out of 5 years.
Past five years, 12 months ended Jul 31 (NOK)
Year High Price VWAP Low Price
2023 116.15 81.93 61.94
2022 137.51 110.22 87.5
2021 109.43 82.1 56.23
2020 83.67 71.91 55.65
2019 115.42 89.79 29.06

Fig 16: Declining share turnover, down 31% in 5 years

In the past five years, average daily share turnover has
decreased 30.7% to NOK19.7 million ($1.9 million). This suggests
decreased liquidity.
Past five years, 12 months ended Jul 31 (NOK million)
Year Average Daily Turnover
2023 19.7
2022 21.6
2021 18.7
2020 19.5
2019 28.4
Fig 17: Lagging Relative Strength

The relative strength for 180 days, 90 days and 30 days has been Quotes from Legends: Relative Strength
consistently under a benchmark of 70 percentile; indicating it is
lagging the better-performing stocks in the Norwegian market.
Fig 18: % Change (Tr. 12 Mo): Stock (-31.9%) v Index (-0.7%)

In the past 12 months Austevollafood has underperformed the Oslobors Benchmark Index by 31.2%.

Fig 19: Price < Moving Avg Price

In the last 30 days the 200-day Moving Avg Price has exceeded Quotes from Legends: Moving Average Price
the share price on 22/22 days; a bearish signal.

Fig 20: Global Rank [out of 46,572 stocks]

Description Value Rank Quartile
MCap ($ B) 1.5 6,822 Top
Total Assets ($ B) 4.7 4,738 Top
Revenue ($ B) 3.1 3,593 Top
Net Profit ($ M) 244.8 3,569 Top
Return on Equity % 15.2 7,826 Top
Net Profit Margin % 13.7 9,001 Top
Price to Book 0.7 7,343 Top
Price Earnings 6.1 3,144 Top
Yield % 7.3 2,998 Top
PV$1000 (1Year) $* 692 34,567 Third
$* Change (1Year) % -35.0 35,506 Bottom
Rel Strength 6 Mo ($) 25 34,838 Third
* 1 year ago USD 1 = NOK 9.66; Jul 31, 2023: USD 1 = NOK 10.2
Bullish Signals
Fig 21: PAST MONTH: WEAK MOMENTUM UP - AUSS increases 2.6% on

volume 0.7 times average
[up NOK1.90]
Austevollafood underperformed the Oslobors Benchmark Index on 12 days and outperformed it on

9 days. The price ranged between a high of NOK76.15 on Monday, 31 Jul and a low of NOK71.65
on Friday, 7 Jul.
Day Headline Price Chang Momentum Comment
[NOK] e%
Jul 31 Lifts 1.6%, hits 46-day high 76.15 1.6 Price rise on rising relative strength
Jul 28 Offers dividend yield of 7.3%, hits 42-day 74.95 -1.0 Price rise on rising relative strength
high
Jul 27 Offers dividend yield of 7.3% 75.7 3.0 Top Rise;RPC = 2.3%
Jul 26 Drops 1.3% 73.5 -1.3 Price/MAP200 below 1 and falling
Jul 25 Offers dividend yield of 7.4% 74.45 0.1 Price rise on rising relative strength
Jul 24 Drops on increasing volatility 74.35 -0.6 RPC= -1.1%
Jul 21 Offers dividend yield of 7.3%, hits 30-day 74.8 0.3 Price rise on rising relative strength
high
Jul 20 Accelerates rise, up 3.1% in 2 days 74.6 1.8 Price rise on rising relative strength
Jul 19 In 2nd consecutive rise 73.3 1.3 Price rise on rising relative strength
Jul 18 Offers dividend yield of 7.6% 72.35 0.3 RPC= -1.03%
Jul 17 Accelerates decline, down 3.1% in 2 days 72.15 -1.6 Price/MAP200 below 1 and falling
Jul 14 Drops 1.5% 73.3 -1.5 Price/MAP50 below 1 and falling
Jul 13 Offers dividend yield of 7.4% 74.45 -0.1 Price rise on rising relative strength

Jul 12 Accelerates rise, up 3.5% in 2 days 74.5 2.6 RPC= 1.7%

Jul 11 In 2nd consecutive rise 72.6 0.8 Price rise on rising relative strength
Jul 10 Offers dividend yield of 7.6% 72.0 0.5
Jul 07 Drops to eight-month low on firm volume 71.65 -1.1 VI*=1.2;RPC = -1.2%
Jul 06 Offers dividend yield of 7.6% 72.45 -1.9 Steepest Fall
Jul 05 Loses NOK152 million ($14 million) (1.0%) in 73.85 -1.0 VI*=1.1
MCap, steepest heavyweight fall in Food
products sector
Jul 04 Offers dividend yield of 7.4% 74.6 0.4 VI*=1.4
Jul 03 Increases on average volume 74.3 0.2 Oversold: close to 14-day low
* RPC - Relative Price Change is % price change of stock less % change of the Oslobors Benchmark Index.
VI= Volume Index, 1 is avg.
Price/Earnings of 6.2 < Food Products sector (of 14 stocks) avg of 13.9:
• The price-to-earnings ratio of 6.2 indicates undervaluation compared with sector average of 13.9 and market average of 19.1.
Price/Earnings/Growth of 0.24 < Food Products sector (of 14 stocks) avg of 1.6:
• Price/Earnings/Growth of 0.24 (based on the year-on-year growth in trailing 12 months EPS of 25.7%) versus sector average of
1.6 and market average of 1.7.
Price to Book of 0.7 < Food Products sector (of 14 stocks) average of 3.9:
• The Price to Book of 0.7 indicates undervaluation compared with sector average of 3.9 for the Food Products sector.
Relative Value Indicators: Undervaluation compared with Index averages

and bond yield
• Earnings yield of 16.2% is more attractive compared with the
Norwegian average earning yield of 5.2%.
• The earnings yield of 16.2% is 4.3 times the 10-year bond yield
of 3.8%.
(All figures in %)
Earnings Yield 16.2
Norwegian avg 5.2
Dividend Yield 7.2
Bond Yield 3.8
Dividend Yield > Bond Yield of 3.78%:

The dividend yield of 7.22% is 1.91 times the triple-A bond yield of
3.78%. The times factor of 1.91 is above the benchmark factor of
0.67 times set by Benjamin Graham.
(All figures in %)
Dividend Yield 7.22
Bond Yield 3.78
Spread 3.44
3-DAY: WEAK MOMENTUM UP

AUSS increases 3.6% on below average volume 0.9 times average. Compared with the Oslobors Benchmark Index which rose 13.9
points (or 1.1%) in the 3-days, the relative price increase was 2.5%.
Austevollafood (AUSS) outperformed the Oslobors Benchmark Index in 2 out of 3 days. The price ranged between a high of

NOK76.15 on Monday Jul 31 and a low of NOK74.95 on Friday Jul 28.

Jul Austevollafood Close [NOK] Change % Comment
Mon 31 Lifts 1.6%, hits 46-day high 76.15 1.6 Price rise on rising relative strength
Fri 28 Offers dividend yield of 7.3%, hits 42- 74.95 -1.0 Steepest Fall
day high
Thu 27 Offers dividend yield of 7.3% 75.7 3.0 Top Rise; RPC=2.3%
* RPC - Relative Price Change is % price change of stock less % change of the Oslobors Benchmark Index.
Fig 22: Rank in the top 24% by Relative Valuation in the Norwegian market
Price to Sales 0.5 In Top 16%
P/E * P/NTA 4.2 In Top 18%
Price to Book Value 0.7 In Top 24%
Uptrend
Past Quarter:
The Best 3 weeks in the past quarter
The past month witnessed the best 2 weeks in the past quarter. In the past quarter the week beginning Monday May 08 saw the
highest weekly rise of 4.2% for a relative price increase of 3.5%.
Mon-Fri Change % Oslobors Benchmark Index Change % Vol Ind [1 is avg]
May 08-12 4.2 0.7 1
Jul 10-14 2.3 0.2 0.6
Jul 17-21 2 2.5 0.6
Other Bullish Signals

• Return on Equity of 15.2% versus sector average of 11.2% and market average of 7.2%.
• Return on Assets of 8.9% versus sector average of 5.9% and market average of 2.3%.
• Return on Capital Employed of 13.5% versus sector average of 11.3% and market average of 0.7%.
MCap/Total Assets:
• Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.3. Compared with the rest of the market the stock is undervalued
and ranks in the top quartile of stocks by value of Q Ratio.
• Net profit margin has averaged 10.1% in the last 3 years. This is better than the sector average of 9.8% and suggests a high
margin of safety.
• As per the Du Pont analysis, Return on Equity of 15.2% is better than sector average of 11.2%. This is computed as net profit
margin of 13.7% times asset turnover [sales/assets] of 0.65 times leverage factor [total assets/shareholders' equity] of 1.7.

Ongoing Bullish Parameters
Fig 23: Growth in annual dividends per share and earnings per share
• Austevollafood sees dividend rise for a third consecutive year
Austevollafood reported dividends per share of NOK5.50 in the past year, up 22.2% from the previous year. This is the third
consecutive dividend increase. In the past 3 years average annual compound growth rate of dividends was 30.1%.
- EPS growth [FY2022 vs FY2021] of 25.7%:

FY EPS (NOK) Growth %
2022 12.34 25.7
2021 9.82 115.8
Fig 24: Rank in the top 16% by Size in the Norwegian market
Annual Revenue NOK31.2 billion ($3.1 billion) In Top 7%
MCap $2 billion In Top 14%
Ave daily Turnover NOK15.7 million ($1.5 million) In Top 16%
Fig 25: Present Value of NOK1000 Invested in the Past 3 Years; The Best
Period with PVNOK1000 > 1,238
PVNOK1,000 3 yrs ago
AUSS.OB NOK1,239
Food Products sector NOK18,415
Oslobors Benchmark Index NOK1,507

Fig 26: Annualised Period-based Total Shareholder Returns [TSR %]: The
Best Periods with TSR > 7.2%
TSR % 3 yrs 10 yrs
AUSS.OB 7.3 16.1
Fig 27: P/E/G < 1

The price earnings ratio of 6.2 divided by trailing twelve months Quotes from Legends: P/E/G < 1
eps growth of 25.7% corresponds to an attractive P/E/G of 0.2
times; being less than the value benchmark of 1.0.
EPS Growth (%) 25.66
P/E/G 0.24
P/E 6.17
Fig 28: Improved EBIT Margins

EBIT margin is positive and has increased from 16.5% to 17.4% in Quotes from Legends: EBIT Margin
the past year.
FY EBIT Margins (%)
2022 17.4
2021 16.5
2020 4.6
2019 11.8
2018 18.7

Fig 29: Low Debt to Equity (%) and Reducing

The debt to equity ratio of 37.9% is under a safe benchmark Quotes from Legends: Debt to Equity
figure of 50%. Moreover, it has improved from 41.2% a year ago.
Years Debt to Equity (%)
Dec 2022 37.86
Dec 2021 41.23
Dec 2020 38.38
Dec 2019 35.15
Fig 30: Satisfies six criteria of Benjamin Graham

• The P/E of 6.2 multiplied by the P/NTA of 0.7 is 4.2. Being less than the Benjamin Graham benchmark of 22.5 the stock appears
undervalued.
• "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 16.2% is 4.3 times the triple-A bond
yield of 3.8%.
• The P/E of 6.2 is 0.1 times the highest average P/E of 44.9 in the last five years. This is a value criterion, according to Benjamin
Graham who described as a value criterion "A P/E ratio down to less than four-tenth of the highest average P/E ratio the stock
attained in the most recent five years".
• "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 1.9 times the triple-A bond yield of
3.8%.
• "Total debt less than tangible book value"; total debt of NOK10.7 billion (US$1.1 billion) is less than tangible book value of
NOK22.6 billion (US$2.3 billion).-"Current ratio of two or more"; current assets are 2.4 times current liabilities.
• "Total debt equal or less than twice the net quick liquidation value"; total debt of NOK10.7 billion (US$1.1 billion) is 1.3 times the
net liquidation value of NOK8.27 billion (US$844.7 million).-"Stability of growth in earnings over the last 5 years, defined as no
more than two declines of 5% or greater in year-end earnings";there have been 2 declines in earnings in the last 5 years.
Fig 31: Satisfies 7 out of 9 criteria of Joseph Piotroski [pass mark 5]

• Positive net income.
• Positive operating cashflow.
• Return on Assets improvement [from 7.9% to 8.9%].
• Good quality of earnings [operating cashflow exceeds net income].
• Total shares on issue unchanged.
• Improvement in gross margin [from 46.9% to 47.7%].
• Improvement in asset turnover [growth in revenue of 14.4% exceeded growth in assets of 9.8%].
But does not meet the following 2 criteria of Joseph Piotroski:

• Improvement in long-term debt to total assets.
• Improvement in current ratio.

Fig 32: Year-over-year (%) Change in Dividend

Final dividend for FY 2022 was NOK5.50. The year-on-year change
was up 22.2% from NOK4.50 in the previous year FY 2021.
Final FY 2021 FY 2022
Dividend (NOK) 4.5 5.5
Fig 33: Turnover Period Above Average

Corporate Profile
Fig 34: Contact Details

Website http://www.auss.no
Physical Address Alfabygget, Storebo 5392
Phone 4756181000
Email info@auss.no
Fig 35: Industry & Sector [of 25 stocks]

Classification Level Name of Sector
Business Sector Food & Beverages
Economic Sector Consumer Non-Cyclicals
Financials FY 2022
Fig 36: Financials, FY 2022 [year-ended 31 December 2022 ]

Austevollafood EPS Growth slows to 26%
Release Date: May 02, 2023
Austevollafood (OB:AUSS), announced EPS of NOK12.34 ($1.26) for the year-ended 31 December 2022 [FY2022], up 26% from
NOK9.82 ($1.11) in the previous year-ended 31 December 2021 [FY2021]. EPS growth from the year-ended 31 December 2020
[FY2020] to the year-ended 31 December 2021 [FY2021] was 116%.
Fig 37: Annual growth in Revenue, Net Profit and EPS

31 December 31 December
Year-ended
[FY/2022] [FY/2021]
Revenue, NOK Billion 31.2 26.6
Revenue, $ Billion 3.2 2.7
Growth in Revenue % 17.3 18.4
Net Profit, NOK Billion 2.5 2.0
Net Profit, $ Million 254 203
Growth in Net Profit % 25.6 301.1
EPS, NOK 12.34 9.82
Growth in EPS % 25.7 115.8
Major changes compared with previous year (FY2022 vs FY2021):

Favourable Changes:
• Net profit up 25.6% from NOK2.0b ($224.8m) to NOK2.5b ($254.4m)
• Sales revenue up 17.3% from NOK26.6b ($3.0b) to NOK31.2b ($3.2b)
• EPS up 25.7% from NOK9.82 ($1.11) to NOK12.34 ($1.26)
• EBIT Margin up from 16.5% to 17.4%

• EBIT to total assets up from 10.0% to 11.3%
Unfavourable Changes:
• Current ratio down 13% from 2.8 to 2.4
• Working capital to total assets down from 24.0% to 23.0%
• Total non-current assets to Total Assets down from 62.4% to 60.6%
• Other non-current assets to Total Assets down from 21.5% to 19.8%
• Total Liabilities to EBITDA of 5.4 compares unfavourably with the Joseph Piotroski benchmark of <5. However, it has improved by
19.1% from the previous year's ratio of 6.7.
Fig 38: Year-on-year comparison of Performance Ratios [FY2022 vs FY2021]

December 31 FY2022 FY2021 Change (%)
Return on Equity (%) 15.2 13.6 Up 11.8
Return on Assets (%) 8.9 7.9 Up 12.7
Total debt to net tangible assets (%) 47.1 52.3 Down 9.9
Debt/Equity (Down 7.3% from 0.41 to 0.38) 0.4 0.4 Down 7.3
Common Size Ratios by Assets %
Current Debtors to Total Assets 7.6 6.9 Up 9.5
Long-term investments to Total Assets 7.1 7.0 Up 1.9
Non-current debtors to Total Assets 0.5 0.4 Up 30.3
Future income tax benefit to Total Assets 0.3 0.2 Up 90.4
Currency Conversion (December 31, 2022): $1 = NOK9.79

Currency Conversion (December 31, 2021): $1 = NOK8.82
Five-year record of growth and performance:

In the last 5 years Total Revenue averaged NOK25.3B, EBITDA averaged NOK3.9B and Net Profit averaged NOK3B. Compound
Annual Growth Rate (CAGR) averaged 8.4% for Total Revenue, 19.8% for Net Profit and -4.9% for EBITDA.
5-year Avg (NOK
Description Annual (NOK B) 5-year CAGR %
B)
Total Revenue 31.2 25.3 8.4
EBITDA 3.7 3.9 (4.9)
Operating Profit 5.4 3.6 19.8
Net Profit 2.5 3 19.8
Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE
In 2022 Net Profit Margin of 13.7% was above its 5-year Avg of 11.7% (All Figures in %)
Description 2022 5-year Avg
EBITDA Margin 11.9 15.8
Operating Profit Margin 17.4 13.8
Net Profit Margin 13.7 11.7
Return on Equity 15.2 10.5
Return on Assets 8.9 7.1
Return on Capital Employed 13.5 9.5

Dividend
Fig 39: Dividend History

Fig 40: Annual Dividends - Past 4
In the past 5 years annual dividends have increased by NOK2.0
years (NOK)
from NOK3.5 to NOK5.5. Based on a start date of 5 years ago,
there has been one decline in dividends over the last 5 years. Quotes from Legends: Dividends Trailing Twelve Months
Value
Date Type
(NOK)
26 May 2023 5.5 Final
Tr 12 Months 5.5
2021 - 2022 4.5
2020 - 2021 3.5
2019 - 2020 2.5
2018 - 2019 3.5
Top Management and Board of Directors
Fig 41: Top Management

Top Management [Three top executives with tenure > 13 yrs]
Name Designation Since Appointment
Helge Singelstad Chairman 13 Yrs, 7 Mos
Britt Kathrine Drivenes Chief Financial Officer 27 Yrs, 7 Mos
Arne Mogster Chief Executive Officer, President
Fig 42: Board Of Directors

Board Of Directors
Name Designation
Helge Mogster Director
Lill Maren Mogster Director
Siren Merete Gronhaug Independent Director
Hege Charlotte Bakken Independent Director

Financials as Reported FY 2022, Past 7 Years
Fig 43: Financials as reported (FY 2022 [year-ended 31 December 2022 ])

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In NOK Million, except per share data and shares outstanding)
Fig 44: INCOME STATEMENT AS REPORTED

Description NOK Million NOK Million
Dec 31 2022 2021 Change %
Revenue 31,169 26,571 Up 17.3
Other gains and losses -20 62 Deterioration
Cost of goods sold -16,294 -14,109 Deterioration 15.5
Wages and salaries -4,519 -4,064 Deterioration 11.2
Other operating expenses -4,556 -3,651 Deterioration 24.8
Operating profit before depreciation amortisation impairment 5,782 4,810 Up 20.2
and fair value adjustment of biological assets
Depreciation of fixed assets -1,038 -968 Deterioration 7.2
Depreciation of right-of-use assets -613 -566 Deterioration 8.3
Amortisation of intangible assets -81 -45 Deterioration 80.0
Impairment/reversal of impairment 1 -13 Recovery
Operating profit before fair value adjustment of biological 4,051 3,218 Up 25.9
assets
Fair value adjustment of biological assets 1,189 1,114 Up 6.7
Operating profit 5,240 4,332 Up 21.0
Income from equity-accounted investments 494 394 Up 25.4
Financial income 848 394 Up 115.2
Financial expenses -1,155 -744 Deterioration 55.2
Profit before tax 5,428 4,376 Up 24.0
-1,142 -939 Deterioration 21.6
Profit for the year 4,285 3,437 Up 24.7
Attributable to non-controlling interests 1,795 1,455 Up 23.4
Attributable to shareholders in Austevoll Seafood ASA 2,490 1,982 Up 25.6
Earnings per share/diluted earnings per share (NOK) NOK12.34 NOK9.82 Up 25.7
Proposed dividend per share (NOK) 5.5 4.5 Up 22.2
Average no. of outstanding shares 201,824,074 201,824,074 Steady

Fig 45: BALANCE SHEET AS REPORTED

Dec 31 2022 2021 Change %
Assets
Goodwill 2,279 2,217 Up 2.8
Deferred tax asset 160 69 Up 131.9
Licences 9,518 9,412 Up 1.1
Trademarks 50 50 Steady
Vessels 2,628 2,385 Up 10.2
Land buildings and equipment 7,629 6,896 Up 10.6
Right-of-use assets 3,222 3,064 Up 5.2
Investments in associates and joint ventures 3,382 3,002 Up 12.7
Investments in other companies 43 47 Down 8.5
Other non-current receivables 223 168 Up 32.7
Total non-current assets 29,134 27,310 Up 6.7
Inventories 2,956 1,932 Up 53.0
Biological assets 7,972 6,173 Up 29.1
Trade receivables 2,909 2,321 Up 25.3
Other receivables 751 717 Up 4.7
Cash & cash equivalents 4,340 5,329 Down 18.6
Total current assets 18,928 16,471 Up 14.9
Total assets 48,062 43,781 Up 9.8
Equity and liabilities
Share capital 101 101 Steady
Treasury shares -18 -18 Steady
Share premium 3,714 3,714 Steady
Retained earnings 11,525 9,575 Up 20.4
Non-controlling interests 12,841 11,815 Up 8.7
Total equity 28,162 25,187 Up 11.8
Deferred tax 3,581 3,512 Up 2.0
Pension liabilities and other liabilities 13 11 Up 18.2
Borrowings 5,968 6,663 Down 10.4
Lease liabilities to credit institutions 903 1,025 Down 11.9
Lease liabilities other than to credit institutions 1,527 1,382 Up 10.5
Other long-term liabilities 30 30 Steady
Total non-current liabilities 12,021 12,623 Down 4.8
Borrowings 2,263 1,315 Up 72.1
Short-term lease liabilities to credit institutions 345 265 Up 30.2
Short-term lease liabilities other than to credit institutions 323 277 Up 16.6
Trade payables 2,380 1,921 Up 23.9
Tax payable 1,023 686 Up 49.1
Other current liabilities 1,543 1,507 Up 2.4
Total current liabilities 7,879 5,971 Up 32.0

Total liabilities 19,900 18,594 Up 7.0

Total equity and liabilities 48,062 43,781 Up 9.8
Fig 46: CASH FLOW AS REPORTED

Dec 31 2022 2021 Change %
Profit before tax 5,428 4,376 Up 24.0
Taxes paid -775 -447 Deterioration 73.4
Depreciation and amortisation 1,732 1,580 Up 9.6
Impairment/reversal of impairment -1 13 Deterioration
Gain/loss on sale of land buildings and equipment -8 -62 Improved 87.1
Unrealised foreign exchange gains/losses -32 -45 Improved 28.9
Share of profit from joint ventures and associates -494 -394 Deterioration 25.4
Interest expense 431 322 Up 33.9
Interest income -79 -39 Deterioration 102.6
Fair value adjustment of biological assets -1,189 -1,114 Deterioration 6.7
Change in inventories -1,634 -87 Deterioration 1,778.2
Change in trade receivables and other receivables -523 -15 Deterioration 3,386.7
Change in trade payables 459 443 Up 3.6
Change in net pension liabilities 2 2 Steady
Change in other accruals -22 102 Deterioration
Net cash flow from operating activities 3,195 4,635 Down 31.1
Proceeds from sale of fixed assets 54 43 Up 25.6
Proceeds from sale of shares and other equity instruments 2
Purchase of intangible assets and fixed assets -1,834 -1,338 Deterioration 37.1
Purchase of shares and holdings in other companies -59 -505 Improved 88.3
Dividends received 131 114 Up 14.9
Interest received 79 39 Up 102.6
Change in other non-current receivables -55 -4 Deterioration 1,275.0
Exchange differences on invested capital 9
Net cash flow from investing activities -1,675 -1,650 Deterioration 1.5
Proceeds from new long-term interest-bearing debt 292 2,394 Down 87.8
Repayment of long-term interest-bearing debt -1,288 -2,467 Improved 47.8
Change in short-term interest-bearing debt 570 -410 Recovery
Interest paid -441 -326 Deterioration 35.3
Dividends paid -908 -706 Deterioration 28.6
Dividend paid to non-controlling interests -844 -634 Deterioration 33.1
Exchange differences on financing activities 72 21 Up 242.9
Net cash flow from financing activities -2,547 -2,128 Deterioration 19.7
Change in cash and cash equivalents -1,027 856 Deterioration
Liquid assets at 01.01. 5,329 4,463 Up 19.4
Exchange rate changes on cash and cash equivalents 38 9 Up 322.2
Liquid assets at 31.12. 4,340 5,329 Down 18.6

Fig 47: Download AUSTEVOLLAFOOD Financials Past 7 Years

Description (December 31) 2022 2021 2020 2019 2018 2017 2016
Income Statement
Revenue per share 154.44 131.65 93.86
EBITDA (B) 3.7 2.8 3.7 4.1 5.2 4.7 3.8
Depreciation (1.7 B) (1.6 B) 1.5 B 1.3 B 960.1 M 919.4 M (845 M)
Tax (1.1 B) (939 M) (204.6 M) (558.5 M) (369.1 M) 975 M
Net profit 2.5 B 2B 494.1 M 1.3 B 4.2 B 1B 1.6 B
EPS 12.34 9.82 4.55 6.89 9.79 8.62 8.17
Balance Sheet
Equity Share Capital (B) 15.3 13.4 12.1 12.3 19.2 18.2
Retained Earnings (B) 11.5 9.6 8.3 8.5 6 5.5
Total Debt (B) 10.7 10.4 8.8 8.2 8.7 9.2
Total Assets (B) 48.1 43.8 39.7 39.8 38 35.3 35
Current Asset (B) 18.9 16.5 14 14.9 15.2 13.7 14.7
Fixed Asset (B) 7.6 6.9 6.3 6.3 8.9 5.6 4.7
Working Capital (B) 11 10.5 8.4 9.5 15.2 8.5 9.1
Cash Flow
Operating Cash Flow (B) 3.2 4.6 2.9 3.2 3.2 4.2 3.3
Investing Cash Flow (B) (1.7) (1.6) (1.4) (1.1) (1.6) (1.6) (3.9)
Financing Cash Flow (B) (2.5) (2.1) (1.3) (2.3) (2.3) (1.3) 1.8
Net Cash Flow (1 B) 857 M 215.4 M (143.2 M) (696.7 M) 1.3 B 1.3 B
Peer Comparison & Ranking of AUSS
Fig 48: GLOBAL PEER COMPARISON: AUSS - SIZE (all figures in $)

In its Global Peer Group of 9 companies AUSS is ranked AUSS is ranked first (1) by Net Profit, second (2) by Revenue, Total Assets and
fifth (5) by MCap.
Total
Name (Code) MCap Revenue Net Profit
Assets
Rank of AUSS 5 2 1 2
Austevollafood (AUSS) 1.5B 3.1B 244.8M 4.7B
Great Wall Enterprise (1210) 1.6B 3.6B 69.9M 2B
Tecon Biology - A Share (002100) 1.6B 2.3B 42.2M 2.7B
Visionox Technology Inc. (002387) 1.5B 1B (289.8M) 5.6B
Shenzhen Kingkey Smart Agriculture Times (000048) 1.5B 839.6M 108.3M 2.5B
Corticeira Amorim (COR) 1.5B 910.8M 98.6M 1.2B
Ultrajaya Milk (ULTJ) 1.5B 505.3M 63.4M 486.8M
Vitasoy International (00345) 1.4B 833.8M (20.4M) 873M
Zhejiang Guyuelongshan Shaoxing Wine- A Share (600059) 1.4B 226.8M 28.3M 883.2M

GLOBAL PEER COMPARISON: AUSS - RELATIVE VALUE INDICATORS
In value terms, comparing relative value of its shares, AUSS is ranked
+ 1 out of 9 by Dividend Yield (%) [7.3]

+ 1 out of 9 by Price/Earnings per share [6.1]
+ 2 out of 9 by Price/Sales per share [0.5]
Curre
Last Div Yld P/Boo
Name (Code) ncy P/E P/S
Price (%) k
Code
Rank of AUSS by value 1 1 2
Austevollafood (AUSS) NOK 76.2 7.3 6.1 0.5
Great Wall Enterprise (1210) TWD 59.8 2.5 22.9 0.4 1.9
Tecon Biology - A Share (002100) CNY 8.4 2.6 35.1 0.7 1.5
Visionox Technology Inc. (002387) CNY 8 1.5 1.1
Shenzhen Kingkey Smart Agriculture Times (000048) CNY 20.8 4.8 12.8 0.9 4.2
Corticeira Amorim (COR) EUR 10.3 2.8
Ultrajaya Milk (ULTJ) IDR 1,925 2.9 20.3 2.9 3.9
Vitasoy International (00345) HKD 10.3 0.1 1.6 3.3
Zhejiang Guyuelongshan Shaoxing Wine- A Share (600059) CNY 11.1 0.7 50.5 6.2 1.9
USD 1=
Fig 49: 10.197508 Norwegian Krone (NOK); 0.908 Euro (EUR)Global Peer
Group - Price Performance

Fig 50: Global Peer Group - Total Shareholder Returns [TSR in $]
Fig 51: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING

Austevollafood vs Norwegian Market
Out of 318 stocks in the Norwegian Market, Austevollafood is ranked eighth(8) by P/Earnings/ Growth, thirteenth(13) by P/Sales,
fourteenth(14) by Revenue and Twenty-sixth(26) by Net Profit $.
Norwegian
AUSS AUSS Rank
Avg
P/Earnings/ Growth 1.7x 0.2x 8
P/Sales 2.1x 0.5x 13
Revenue $ 1B 3.1 B 14
Net Profit $ 104.8 M 244.2 M 26
P/Earnings 19.1x 6.2x 32
Price/Net Tangible Assets 1.3x 0.7x 36
Yield (%) 7.9 7.2 40
Market Cap $ 1.2 B 1.5 B 43
ROA (%) 2.3 8.9 51
ROE (%) 7.2 15.2 67
EBITDA Margin% 18.4 11.9 84
Discount to 52-Wk High (%) 11.1 34.4 100
Premium to 52-Wk Low (%) 8.3 22.9 117
Total Debt/Equity (the lower the better) 0.6x 0.4x 122
Negative values are shown in brackets.

Fig 52: MARKET SHARE

Austevollafood vs Food Products sector [Food Products sector Total in Brackets]
Revenue of NOK31.2 billion ($3.1 billion)[21.5% of aggregate sector revenue of NOK156.6 billion; down from 22.0% in the previous
year.]
Net Profit of NOK2.5 billion ($244.2 million) [16.7% of aggregate sector net profit of NOK16.3 billion; up from 14.8% in the previous
year.]
EBIT of NOK5.4 billion ($532.3 million) [23.2% of aggregate sector EBIT of NOK25 billion; down from 23.3% in the previous year.]
Fig 53: GLOBAL RANK [out of 46,573 stocks] AND RANK OF

AUSTEVOLLAFOOD IN THE EUROPE REGION [out of 7,400 stocks]
Description Value Global Rank In Eur Region
MCap ($) 1.5B 6,822 1,147
Total Assets ($) 4.7B 4,738 870
Revenue ($) 3.1B 3,593 654
Net Profit ($) 244.8M 3,569 687
Return on Equity % 15.2 7,826 1,510
Net Profit Margin % 13.7 9,001 1,442
Price to Book 0.7 7,343 965
Price/Earnings 6.1 3,144 581
Yield % 7.3 2,998 628
PV1000 (1Year) $* 692 34,567 5,425
$* Change (1Year) % -35.0 35,506 5,527
* 1 year ago $1 = NOK 9.66

Jul 31, 2023: $ 1 equals NOK 10.2
Fig 54: RANK OF AUSTEVOLLAFOOD IN THE NORWEGIAN MARKET [out of 326

stocks] AND IN THE FOOD PRODUCTS SECTOR [out of 11 stocks]
Description Value In Norwegian Market In Food products sector
MCap (NOK) 15.4B 41 5
Total Assets (NOK) 48.1B 29 3
Revenue (NOK) 31.2B 20 2
Net Profit (NOK) 2.5B 26 4
Return on Equity % 15.2 67 2
Net Profit Margin % 13.7 71 5
Price to Book 0.7 47 1
Price/Earnings 6.2 40 1
Yield % 7.2 45 2
PV1000 (1Year) NOK 722 225 8

Currency Synopsis: Norwegian Krone (NOK)
Fig 55: % Change of NOK vs Currency Basket Period-Based

In the past year the Norwegian Krone fell 4.3% against the US Dollars; in the past three years the Norwegian Krone fell 11.0% against
the US Dollars.
1-week
Last Country 1-day % 1-Year % 3-Yrs %
%
NOK1=0.098USD United States Of America -1.4 -4.3 -11.0
NOK1=0.701CNY China -1.1 1.1 -9.1
NOK1=13.585JPY Japan -2.3 -2.4 17.2
NOK1=0.089EUR European Union -0.3 -11.3 -4.8
NOK1=125.295KRW South Korea -1.0 -6.3 -5.0
NOK1=0.13SGD Singapore -0.8 -8.2 -14.1
NOK1=0.159NZD New Zealand 0.2 -2.9 -3.4
NOK1=0.077GBP United Kingdom -9.3 -10.4
NOK1=0.147AUD Australia 0.9 0.2 -4.5
NOK1=0.764HKD Hong Kong -1.3 -5.2 -10.4
NOK1=0.085CHF Switzerland -0.4 -13.6 -16.2
NOK1=0.13CAD Canada -0.9 -1.6 -11.9
NOK1=1.031SEK Sweden 0.1 -1.8 7.1
NOK1=1.0NOK Norway 0.0
NOK1=1.653MXN Mexico -1.1 -21.1 -32.3

OTHER LISTINGS AND STOCK IDENTIFIERS
Fig 56: Primary Exchange and Other Listings: Trading Currency and
Volume
Exchange Ticker Currency Last ADVT Vol % of Total Today's VI
Oslobors AUSS NOK 76.15 254,439 96.0 0.8
Frankfurt Z85 EUR 6.74 1,326 4.0 6.6
Total 100.00
1 NOK [Norwegian Krone]= 0.089 EUR
ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)
Fig 57: Stock Identifiers

ISIN: NO0010073489
PermID: 4295885416
CUSIP: R0814U100
RIC: AUSS.OL
Historical Perspective
Year-on-Year Comparison USD/NOK (Trailing year - ended 28 Jul)
In the past 5 years, the USD/NOK has jumped 23.9% from 8.19 to 10.15, an average compound annual appreciation of the USD by
4.4%.
2023 2022 2021 2020 2019 2018
Close 10.15 9.74 8.81 9.13 8.72 8.19
% Change 4.2 10.6 -3.5 4.7 6.5
USD1 buys NOK 10.15 today: Appreciation of USD from 7.35 v/s NOK thirty years ago
Last 5 Yrs ago 10 Yrs ago 15 Yrs ago 20 Yrs ago 25 Yrs ago 30 Yrs ago
USD/NOK 10.15 8.19 6.11 5.15 7.15 7.53 7.35
Present Value of NOK1000 Invested in USD 30 years ago is NOK1,380

PVNOK1,000 5 yrs ago 10 yrs ago 20 yrs ago 30 yrs ago
USD/NOK NOK1,240 NOK1,661 NOK1,419 NOK1,380

Credit Rating Summary: NORWAY

Rating Foreign
Long Term Description
Agency Currency
Moody's Aaa
Fitch AAA
S&P AAA Extremely strong capacity to meet financial commitments. Highest Rating.
FITCH AAA Highest credit quality: 'AAA' ratings denote the lowest expectation of default risk. This
capacity is highly unlikely to be adversely affected by foreseeable events.
DAGONG AAA Highest Credit Quality: "AAA" ratings denote the lowest expectation of default risk. It
indicates that the issuer has exceptionally strong capacity for payment of financial
commitments. Although the AAA debt protection factors may change, this capacity is
highly unlikely to be adversely affected by any foreseeable event. 'AAA' is the highest
issuer credit rating assigned by Dagong.
INDEX (Click tab for direct access)
Section 1 Austevollafood (AUSS) 1

Fig 3: AUSTEVOLLAFOOD (AUSS) Stock Dashboard [traded in Norwegian Krone, NOK] End-of-Day 2
Fig 4: Past Quarter Snapshot 2
Fig 5: LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] 3
Section 2 The Past Quarter: Financials 3
Fig 6: AUSS Financials Summary: EPS up 25.7% to NOK12.34 in FY2022 [ y.e. 31 Dec 2022] 3
Section 3 The Past Quarter: Press Releases and Corporate Wire 4
Fig 7: Press Releases and Corporate Wire 4
Section 4 Bearish Signals 7
Fig 8: Rank in the bottom 21% by Price Performance in the Norwegian market 7
Downtrend 7
Other Bearish Signals 7
Overbought/Bearish Signals 7
Section 5 Ongoing Bearish Parameters 7
Fig 9: Rank in the bottom 24% by Growth in the Norwegian market 7
Fig 10: Present Value of NOK1000 Invested in the Past [3 Mo, 1 Yr]; The Worst Periods with PVNOK1000 < 866 8
Fig 11: The Worst Periods [3 Mo, 1 Yr] with Price Change % < -18.3 8
Fig 12: Moving Annual Return of -27.0% in the past year 8
Fig 13: Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Period with TSR < -27.7% 9
Fig 14: Declining Volume, down 24% in 5 years 9
Fig 15: Declining VWAP, down 9% in 5 years 9
Fig 16: Declining share turnover, down 31% in 5 years 10
Fig 17: Lagging Relative Strength 10
Fig 18: % Change (Tr. 12 Mo): Stock (-31.9%) v Index (-0.7%) 10
Fig 19: Price < Moving Avg Price 11

Fig 20: Global Rank [out of 46,572 stocks] 12

Section 6 Bullish Signals 12
Fig 21: PAST MONTH: WEAK MOMENTUM UP - AUSS increases 2.6% on volume 0.7 times average 12
Relative Value Indicators: Undervaluation compared with Index averages and bond yield 13
3-DAY: WEAK MOMENTUM UP 13
Fig 22: Rank in the top 24% by Relative Valuation in the Norwegian market 14
Uptrend 14
Other Bullish Signals 14
Section 7 Ongoing Bullish Parameters 15
Fig 23: Growth in annual dividends per share and earnings per share 15
Fig 24: Rank in the top 16% by Size in the Norwegian market 15
Fig 25: Present Value of NOK1000 Invested in the Past 3 Years; The Best Period with PVNOK1000 > 1,238 15
Fig 26: Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 7.2% 16
Fig 27: P/E/G < 1 16
Fig 28: Improved EBIT Margins 16
Fig 29: Low Debt to Equity (%) and Reducing 17
Fig 30: Satisfies six criteria of Benjamin Graham 17
Fig 31: Satisfies 7 out of 9 criteria of Joseph Piotroski [pass mark 5] 17
Fig 32: Year-over-year (%) Change in Dividend 18
Fig 33: Turnover Period Above Average 18
Section 8 Corporate Profile 19
Fig 34: Contact Details 19
Fig 35: Industry & Sector [of 25 stocks] 19
Section 9 Financials FY 2022 19
Fig 36: Financials, FY 2022 [year-ended 31 December 2022 ] 19
Fig 37: Annual growth in Revenue, Net Profit and EPS 19
Fig 38: Year-on-year comparison of Performance Ratios [FY2022 vs FY2021] 20
Section 10 Dividend 21
Fig 39: Dividend History 21
Fig 40: Annual Dividends - Past 4 years (NOK) 21
Section 11 Top Management and Board of Directors 21
Fig 41: Top Management 21
Fig 42: Board Of Directors 21
Section 12 Financials as Reported FY 2022, Past 7 Years 22
Fig 43: Financials as reported (FY 2022 [year-ended 31 December 2022 ]) 22
Fig 44: INCOME STATEMENT AS REPORTED 22
Fig 45: BALANCE SHEET AS REPORTED 23
Fig 46: CASH FLOW AS REPORTED 24
Fig 47: Download AUSTEVOLLAFOOD Financials Past 7 Years 25
Section 13 Peer Comparison & Ranking of AUSS 25
Fig 48: GLOBAL PEER COMPARISON: AUSS - SIZE (all figures in $) 25
Fig 49: 10.197508 Norwegian Krone (NOK); 0.908 Euro (EUR)Global Peer Group - Price Performance 26

Fig 50: Global Peer Group - Total Shareholder Returns [TSR in $] 27

Fig 51: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING 27
Fig 52: MARKET SHARE 28
Fig 53: GLOBAL RANK [out of 46,573 stocks] AND RANK OF AUSTEVOLLAFOOD IN THE EUROPE REGION [out of 7,400
stocks] 28
Fig 54: RANK OF AUSTEVOLLAFOOD IN THE NORWEGIAN MARKET [out of 326 stocks] AND IN THE FOOD PRODUCTS
SECTOR [out of 11 stocks] 28
Section 14 Currency Synopsis: Norwegian Krone (NOK) 29
Fig 55: % Change of NOK vs Currency Basket Period-Based 29
Section 15 OTHER LISTINGS AND STOCK IDENTIFIERS 30
Fig 56: Primary Exchange and Other Listings: Trading Currency and Volume 30
Fig 57: Stock Identifiers 30
Section 16 Historical Perspective 30
Section 17 Credit Rating Summary: NORWAY 31
Glossary
Annual Return (Fig 12): Relative Price Change [RPC]:
Dividends Paid In a 12-Month Period/Price at the Beginning of the Period Relative price change is price change of stock with respect to
+ Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) Benchmark Index
Current Ratio: Relative Strength (n-th Period) (Fig 17, 8, 20):
Current Assets/Current Liabilities (times) Price close today/Price close 'n' periods ago, then ranked by percentile
Debt/Equity (Fig 29): within the entire market.
Net Debt/Net Assets % Return on Assets (Fig 38):
Dividend Yield (Fig 21): Net Profit/Total Assets (%)
Dividend Per Share/Share Price (%) Return on Equity (Shareholders' Funds) (Fig 20, 38, 53, 54):
EBIT Margin (Fig 28): Net Profit/Net Assets (%)
Earnings Before Interest and Tax/Revenue (%) TSR (Fig 13, 26):
Income during the n years (3/2/1) (Fig 39): Total Shareholder Returns is expressed as an annualized rate of return for
Dividends received during the Period shareholders after allowing for capital appreciation and dividend
PVNOK1000 (Fig 53, 54, 10, 25, 57): TTM:
Present value of NOK1000 invested 1 year/'n' years ago Trailing 12 Months
Price/Earnings (Fig 53, 54, 22, 27, 51, 20): Turnover Period (Fig 33):
Share Price/Earnings Per Share (times) Time Period required for trading all Outstanding Shares
Price/NTA (Fig 20, 22, 53, 54): Turnover Rate (Fig 33):
Closing Share Price/Net Tangible Assets Per Share (times) Norwegian Krone value of annual trading volume as a percentage of
Price/Sales (Fig 51): market capitalisation
Share Price/Sales Per Share (times) Volume Weighted Average Price (VWAP) (Fig 15):
The Volume Weighted Average Price (VWAP) is the summation of
turnover divided by total volume in the same period.
Momentum Up Price increase fuelled by above average Volume
Weak Momentum Up Price increase on below average Volume
Momentum Down Price decrease fuelled by above average Volume
Weak Momentum Down Price decrease on below average Volume

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Norway Edition Monday, July 31, 2023

Austevollafood (AUSS) down 14% in 2023 NOK76.15

times the average daily volume in 2022. Ongoing Bullish Parameters 15

Listings: Trading Currency and Dividend 21

Volume Top Management and Board of Directors 21

Curren ADV Peer Comparison & Ranking of AUSS 25

Total 100.00 Index 31

1 NOK [Norwegian Krone]= 0.089 EUR Note also:

Austevoll Seafood group is a significant player in pelagic fishery,

DATA & ARCHIVE DOWNLOAD CENTER

www.BuySellSignals.com . . @selltipsdotcom Index and Glossary at end of this Report.

Fig 3: AUSTEVOLLAFOOD (AUSS) Stock Dashboard [traded in Norwegian

Fig 4: Past Quarter Snapshot

Low During Quarter 70.95 on Mon 10 Jul, 2023

www.BuySellSignals.com . . @selltipsdotcom Page 2

Fig 5: LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best]

The Past Quarter: Financials

Fig 6: AUSS Financials Summary: EPS up 25.7% to NOK12.34 in FY2022 [ y.e.

Year ended Dec FY2022 FY2021 FY2020

www.BuySellSignals.com . . @selltipsdotcom Source: Annual/Quarterly Report Page 3

The Past Quarter: Press Releases and Corporate Wire

Fig 7: Press Releases and Corporate Wire

Source: Oslo Bors

May 25: Ordinary General Meeting held in Austevoll Seafood ASA

Source: Oslo Bors

May 04: Notice of Ordinary General Meeting of Austevoll Seafood ASA

Source: Oslo Bors

May 10: Austevollafood : Chairman's Statement

www.BuySellSignals.com . . @selltipsdotcom Page 4

May 10: Austevollafood : Outlook

Source: Oslo Bors

The full report is available at https://nordiccreditrating.com/issuer/austevoll-seafood-asa

Source: Oslo Bors

www.BuySellSignals.com . . @selltipsdotcom Page 5

May 15: Financial report Q1 2023

May 08: Austevollafood: Invitation to presentation of results for Q1 2023

Source: Oslo Bors

www.BuySellSignals.com . . @selltipsdotcom Page 6

Fig 8: Rank in the bottom 21% by Price Performance in the Norwegian

Price/Moving Average Price of 0.93 and negative MACD:

Trailing Relative Strength (6 months) at 22 percentile:

Other Bearish Signals

Ongoing Bearish Parameters

Fig 9: Rank in the bottom 24% by Growth in the Norwegian market

www.BuySellSignals.com . . @selltipsdotcom Page 7

Fig 12: Moving Annual Return of -27.0% in the past year

Close 5 years ago NOK91.31

www.BuySellSignals.com . . @selltipsdotcom Page 8

Fig 14: Declining Volume, down 24% in 5 years

Fig 15: Declining VWAP, down 9% in 5 years

www.BuySellSignals.com . . @selltipsdotcom Page 9

Fig 16: Declining share turnover, down 31% in 5 years

Fig 17: Lagging Relative Strength

Fig 18: % Change (Tr. 12 Mo): Stock (-31.9%) v Index (-0.7%)

www.BuySellSignals.com . . @selltipsdotcom Page 10

Fig 19: Price < Moving Avg Price

www.BuySellSignals.com . . @selltipsdotcom Page 11

Fig 20: Global Rank [out of 46,572 stocks]

Fig 21: PAST MONTH: WEAK MOMENTUM UP - AUSS increases 2.6% on

Austevollafood underperformed the Oslobors Benchmark Index on 12 days and outperformed it on

www.BuySellSignals.com . . @selltipsdotcom Page 12

Jul 12 Accelerates rise, up 3.5% in 2 days 74.5 2.6 RPC= 1.7%