SalMar ASA

“SalMar operates a genuine cost-advantaged salmon business protected by Norway's concession licensing system, but the 2023 resource rent tax permanently compresses equity returns from ~20% ROE to utility-like levels, reinvestment runway is regulatory-capped, leverage is elevated post-NTS merger, and at NOK 549 the market prices in near-perfect salmon price normalization with no margin of safety — probability-weighted fair value is approximately 35% below the current price, making this a business to own at the right price rather than today's price.”