This page sets out the basis on which AKKUR publishes research, the disclosures required by Regulation (EU) No 596/2014 (MAR) as implemented in Iceland by Act No. 60/2021 and by Commission Delegated Regulation (EU) 2016/958, and the terms on which AKKUR's material may be used. It applies to everything AKKUR publishes: this website, reports distributed to subscribers and through Bloomberg, and columns published in the press.
AKKUR research is produced by Alexander Jensen Hjálmarsson, Analyst, for and on behalf of Akkur – Greining og ráðgjöf ehf. (reg. no. 480107-0710), Reykjavík, Iceland. Alexander Jensen Hjálmarsson is responsible for all research published under the AKKUR name.
AKKUR is not an authorised investment firm within the meaning of Act No. 115/2021 and does not provide investment advice, portfolio management, execution, custody or any other service requiring authorisation. AKKUR's published investment recommendations are subject to Regulation (EU) No 596/2014 and Commission Delegated Regulation (EU) 2016/958, as implemented in Iceland by Act No. 60/2021, in respect of which the Financial Supervisory Authority of the Central Bank of Iceland is the competent authority. AKKUR applies the standards for the objective presentation of investment recommendations and the disclosure of conflicts of interest set out in Commission Delegated Regulation (EU) 2016/958, and its analysts work under AKKUR's own code of conduct, adopted by the board on 23 December 2025 and reviewed at least annually.
Contact: akkur@akkur.net
Research published by AKKUR constitutes investment recommendations within the meaning of Article 3(1)(35) of Regulation (EU) No 596/2014. A report or a web page containing a target price with a stated difference to the market price is an investment recommendation regardless of whether a BUY, HOLD or SELL label is shown.
AKKUR's research is general in nature. It does not constitute personal investment advice within the meaning of Act No. 115/2021 on markets for financial instruments, nor any recommendation, advice or suggestion to any individual to enter into any transaction. It takes no account of the objectives, financial situation, knowledge, experience or needs of any recipient. It is not an offer or a solicitation to buy or sell any security.
Facts are distinguished from interpretations, estimates, opinions and other non-factual information. Projections, forecasts and target prices are labelled as such and the material assumptions behind them are stated. All substantially material sources are identified. The date and time at which production of each recommendation was completed is stated on the recommendation itself; company pages on this website show the date.
AKKUR fair value estimates are built from one or more valuation methods, selected by AKKUR for each company. The methods used, their weights where more than one is applied, the principal assumptions and the data sources are stated in each report, and the methods and the resulting values are shown on each company page. Discount rates are constructed from observable market inputs appropriate to the company and to the currency in which it reports, on a real basis where the cash flows are materially inflation-linked. Where a terminal value is calculated, AKKUR triangulates the result across complementary approaches rather than relying on a single calculation. Each report states the cost of capital applied and the return implied by the current market price under AKKUR's base-case estimates.
The full framework, with the rating thresholds, the Speculative overlay and the review policy, is on the ratings page.
Set out on the ratings page.
AKKUR reviews each covered company's valuation and rating at least annually, and additionally on material events including results that affect the investment case, profit warnings, corporate transactions and significant changes in market conditions. Where a material event has occurred and the revised analysis is not complete, the rating is placed Under Review until a revised assessment is published. Publication of results does not of itself trigger a rating review. The date of the most recent valuation for each company is shown on the coverage page and on each company page.
AKKUR research is first disseminated to paying subscribers and subsequently made public. The date and time of first dissemination is the paid release. Public versions carry the first-dissemination date and time of the original release together with the date and time at which production was completed, and the price and price date on which the recommendation is based. Company pages on this website show the date of completion and the date of first dissemination; the corresponding times are in the report and in AKKUR's record of recommendations.
AKKUR's research is produced by Akkur – Greining og ráðgjöf ehf. (reg. no. 480107-0710), an independent equity research firm registered in Reykjavík, Iceland. AKKUR's main business is the production of investment recommendations. AKKUR is not an authorised investment firm within the meaning of Act No. 115/2021 and does not provide investment advice, portfolio management, execution, custody or any other service requiring authorisation. AKKUR's published investment recommendations are subject to Regulation (EU) No 596/2014 and Commission Delegated Regulation (EU) 2016/958, as implemented in Iceland by Act No. 60/2021, in respect of which the Financial Supervisory Authority of the Central Bank of Iceland is the competent authority.
AKKUR does not act as market maker or liquidity provider in any security it covers, has not acted as manager or co-manager of any public offering of securities of any covered issuer, and holds no position in any covered security taken with a view to short-term price movement. Where AKKUR has any relationship with a covered issuer beyond a research subscription, that relationship is disclosed below.
Analyst and firm holdings. AKKUR's code of conduct prohibits analysts from holding a net long or short position exceeding 0,1% of the issued share capital of any issuer on which AKKUR publishes research, and from trading in a covered security in the 30 days before and the 7 days after publication of research on that security. Any permitted trade is disclosed in the next research publication on that security.
Issuer holdings in AKKUR. No covered issuer holds, to AKKUR's knowledge, any interest in the issued share capital of Akkur – Greining og ráðgjöf ehf.
Issuer subscriptions. Covered issuers may subscribe to AKKUR's research service. Where they do, they subscribe on the same commercial terms available to investor subscribers. No fee paid by any issuer is contingent on coverage being initiated, maintained or discontinued, on any rating, estimate or target price, or on the content or conclusion of any report. AKKUR retains full editorial discretion over which companies it covers and what it publishes.
Issuers currently subscribing to AKKUR research: ARION, EIK, FESTI, HAGA, HEIMAR, ICEAIR, ISB, KVIKA, NOVA, REITIR, SKAGI.
Holdings by AKKUR or its analysts in covered securities: None.
Advertising. AKKUR does not accept advertising from any issuer it covers. Advertising revenue from any other party has no bearing on coverage, ratings, estimates or target prices.
Contact with issuers. AKKUR conducts interviews with the management of covered companies for its podcast and attends company presentations and results calls. No valuation, estimate, target price or rating is disclosed to an issuer before first dissemination.
Other conflicts. Where a conflict of interest arises between AKKUR or its analysts and a covered issuer that casts doubt on AKKUR's objectivity, AKKUR discloses the conflict and, where appropriate, ceases publishing research on that issuer's securities.
The proportion of AKKUR's recommendations in each rating category over the preceding 12 months, required by Article 6(3), and the list of every recommendation disseminated in the preceding 12 months, required by Article 4(1)(i), are maintained on the ratings page.
Ratings, distribution and record of recommendations →
Prices shown on this website are sourced from TradingView, are delayed by at least 15 minutes, and are displayed with the time at which they were last updated. They are indicative only, are not a basis for execution, and AKKUR gives no warranty as to their accuracy, completeness or timeliness. Where the market data feed is unavailable, prices and any figure derived from them are not displayed; target prices and ratings are unaffected.
The price used in a published recommendation is the price stated in that recommendation, at the date and time stated in it. It is not the price displayed on this website, which changes continuously.
AKKUR's research is based solely on public information from sources AKKUR considers reliable: issuers' own published reports and announcements, public institutions, ministries and comparable sources, together with market and peer data from Kodiak Excel, Koyfin and TradingView. AKKUR assumes that such information is correct, reliable and accurate but does not guarantee it. Where the information on which an analysis is based proves misleading or incorrect, or changes, the results of the analysis and the conclusions drawn from it may change accordingly. Calculations described as AKKUR calculations are AKKUR's own.
No guarantee, warranty or assurance is given that the forecasts, plans or assumptions on which an analysis is based will be realised or prove correct. Forecasts and forward-looking estimates are subject to uncertainty and to variables outside AKKUR's control, including external economic conditions. Past performance is not a reliable indicator of future results.
By receiving and reading AKKUR material, the recipient accepts the terms on which it is published and the disclaimers by which it is bound. © 2026 Akkur – Greining og ráðgjöf ehf. Reproduction or redistribution of AKKUR material, in whole or in substantial part, requires AKKUR's written consent. Quotation with attribution, within the limits of the Icelandic Copyright Act, does not.
Questions about this framework, about any published recommendation, or about AKKUR's handling of conflicts of interest may be sent to akkur@akkur.net.
AKKUR research is first sent to paying subscribers and selected research is made public afterwards, at AKKUR's discretion. Public versions carry the date and time of the original first dissemination.
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AKKUR — Greining og ráðgjöf ehf. · Reg. no. 480107-0710 · Reykjavík, Iceland · akkur.net
AKKUR produces investment recommendations within the meaning of Regulation (EU) No 596/2014 (MAR), as implemented in Iceland by Act No. 60/2021, and applies the presentation and disclosure requirements of Commission Delegated Regulation (EU) 2016/958. AKKUR is not authorised by the Financial Supervisory Authority of the Central Bank of Iceland and does not provide investment advice, portfolio management or any other service requiring authorisation.
Any page showing a target price alongside a market price is an investment recommendation. Ratings and target prices reflect AKKUR's most recently published valuation for each company and change only when a new valuation or rating action is published; market prices update continuously. Prices are sourced from TradingView, are delayed by at least 15 minutes, and are not a basis for execution.
Research is for information only. It is not a personal recommendation and takes no account of the objectives, financial situation or needs of any recipient.
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© 2026 Akkur – Greining og ráðgjöf ehf. Reproduction or redistribution of AKKUR material, in whole or in substantial part, requires AKKUR's written consent. Quotation with attribution, within the limits of the Icelandic Copyright Act, does not.