Ratings | AKKUR - Greining og ráðgjöf

Ratings

This page describes how AKKUR rates the companies it covers, the methods behind each fair value estimate, and the disclosures that apply to AKKUR’s ratings. It should be read together with AKKUR’s code of conduct and the disclaimer published with each report.

What a rating means

An AKKUR rating expresses the gap between a security’s current market price and AKKUR’s estimate of its intrinsic fair value. It is a measure of mispricing, not a forecast of future returns. AKKUR makes no claim that a market price will reach fair value within any particular period, or at all.

The mispricing is measured as the discount or premium of the market price to fair value: (fair value − price) ÷ price. Expected dividends are already reflected in fair value and are not added separately.

Rating	Standard	Speculative
BUY	Price 15% or more below fair value	25% or more below fair value
HOLD	Price within ±15% of fair value	Within ±25% of fair value
SELL	Price 15% or more above fair value	25% or more above fair value

Where a report contains a price target with a stated difference to the market price, it is an investment recommendation whether or not a BUY, HOLD, or SELL label is shown.

Speculative overlay

For companies where AKKUR’s fair value estimate carries materially elevated uncertainty, a “Speculative” overlay widens the rating thresholds from ±15% to ±25%, so a larger margin of safety is required before the estimated mispricing is treated as meaningful. The flag is shown in the rating, for example “BUY (Speculative)”, and is applied when two or more of the following apply: high cyclicality; high operating leverage; material financial leverage or event risk; or a limited information set, such as pre-initiation coverage or a business in transition.

Top Pick

AKKUR may designate up to two BUY-rated securities as “Top Pick” at any time. The designation marks AKKUR’s highest-conviction ideas and is a signal layered onto a BUY rating; it does not change the threshold that defines BUY. It is removed when the rating falls below BUY, when a more compelling opportunity displaces it, or when the original thesis materially changes.

Reviews and status

Ratings are reviewed at least annually and on an ad-hoc basis in response to material events, such as earnings that affect the thesis, profit warnings, acquisitions, or significant changes in market conditions. Where a material event has occurred but the updated analysis is not yet complete, a rating may be placed “Under Review” until a revised assessment is published.

Valuation methodology

Every fair value estimate is built from at least two independent methods. The methods, their relative weights, the key assumptions, and the data sources used are stated in each report.

The methodologies AKKUR may draw on include discounted cash flow analysis (free cash flow to firm, free cash flow to equity, or dividend discount), relative valuation based on peer multiples, sum-of-the-parts analysis for companies with distinct business segments or material non-operating holdings, and asset-based approaches where these provide a meaningful reference point. The choice of methods and their relative weights reflects the company’s business model, the quality and availability of comparable data, and AKKUR’s judgment as to which approaches best capture the drivers of intrinsic value. Material non-core assets and obligations are identified and valued separately, with the basis disclosed in each report.

Where a method involves discounting future cash flows, the discount rate is constructed from observable market inputs appropriate to the company and the currency in which it reports. For companies whose cash flows are materially inflation-linked, the discount rate may be constructed on a real (inflation-adjusted) basis. Where a terminal value is calculated, AKKUR’s standard practice is to triangulate the result using multiple complementary approaches rather than rely on a single calculation. Each report also states the cost of capital and the return implied by the current market price under AKKUR’s base-case estimates.

The choice of methods, parameters, and data sources may evolve as business models change, methodological best practices develop, or new information becomes available. Material changes in the methodology applied to a given company between reports are noted in the next published report on that company.

Rating distribution and history

AKKUR’s current ratings across covered companies, and a rolling 12-month history of its ratings and price targets, are maintained below and updated as ratings are issued and revised.

Current distribution

Buy

Hold

Sell

Coverage

Of 10 rated names, 1 carries a Speculative overlay (Icelandair). Distribution reflects ratings at each name’s most recent report.

Current coverage

As of 29 June 2026.

Company	Ticker	Last report	Type	Target price (ISK)	Rating
Arion banki	ARION	24 Nov 2025	Valuation update	291.00	BUY
Eik fasteignafélag	EIK	26 May 2026	Initiation	23.10	BUY
Festi	FESTI	18 Feb 2026	Initiation	516.00	BUY
Hagar	HAGA	20 Jan 2026	Initiation	165.00	BUY
Heimar	HEIMAR	13 Feb 2026	Initiation	62.60	BUY
Icelandair	ICEAIR	29 Jun 2026	Valuation update	1.67	BUY (SPEC)
Íslandsbanki	ISB	24 Nov 2025	Valuation update	181.00	BUY
Kvika banki	KVIKA	24 Nov 2025	Valuation update	23.10	BUY
Nova Klúbburinn	NOVA	3 Jun 2025	Initiation	7.32	BUY
Reitir fasteignafélag	REITIR	16 Sep 2025	Initiation	175.00	BUY

Recommendation history

All AKKUR recommendations, most recent first.

Date	Ticker	Type	Price at issue (ISK)	Target price (ISK)	Rating
29 Jun 2026	ICEAIR	Valuation update	0.804	1.67	BUY (SPEC)
26 May 2026	EIK	Initiation	14.25	23.10	BUY
18 Feb 2026	FESTI	Initiation	334.00	516.00	BUY
13 Feb 2026	HEIMAR	Initiation	37.00	62.60	BUY
20 Jan 2026	HAGA	Initiation	122.00	165.00	BUY
24 Nov 2025	ARION	Valuation update	176.00	291.00	BUY
24 Nov 2025	ISB	Valuation update	126.00	181.00	BUY
24 Nov 2025	KVIKA	Valuation update	16.68	23.10	BUY
16 Sep 2025	REITIR	Initiation	112.00	175.00	BUY
18 Jun 2025	ICEAIR	Initiation	1.05	2.10	BUY (SPEC)
3 Jun 2025	NOVA	Initiation	4.69	7.32	BUY
10 Mar 2025	KVIKA	Initiation	20.10	25.70	BUY
20 Jan 2025	ISB	Initiation	119.00	164.00	BUY
18 Dec 2024	ARION	Initiation	162.00	231.00	BUY

The full 12-month recommendation history is retained in accordance with Commission Delegated Regulation (EU) No. 2016/958.

Independence and conflicts

AKKUR’s research is produced by Akkur – Greining og ráðgjöf ehf. (ID no. 480107-0710), an independent equity research firm, in accordance with EU Regulation No. 596/2014 on market abuse and Commission Delegated Regulation (EU) No. 2016/958. The research is general in nature and is not personal investment advice tailored to any individual under Act No. 115/2021; it is not an offer or solicitation to buy or sell any security.

Each report discloses the relationship, if any, between AKKUR and the company covered. Where a company is a paying subscriber to AKKUR’s research service, the report states this and confirms that AKKUR’s remuneration is a fixed subscription fee, not linked to any view, estimate, or price target, and that the company had no access to or influence over the report before publication. Any position held by AKKUR or the analyst in a covered security, and any other conflict of interest, is disclosed as required by AKKUR’s code of conduct.

This page describes AKKUR’s framework and is not itself investment advice. It is updated as the framework develops.

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