AGF A/S (AGF-B.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-149.6%

-DKK 0.45

vs DKK 0.91 price

Levered DCF

-DKK 4.25

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.66

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-105.31×	-17.78×	4.74×	10.51×	25.73×	11.04×	16.39×	8.78×
P/B	2.2×	1.73×	1.23×	1.43×	1.98×	3×	2.87×	1.64×
P/S	2.56×	1.88×	1.5×	1.34×	1.06×	1.95×	1.6×	0.71×
EV / EBITDA	14.13×	17.71×	2.43×	4.72×	5.73×	5.82×	6.96×	2.21×
Gross margin	84.1%	81.6%	79.2%	82.3%	36.0%	25.1%	28.4%	84.7%
Operating margin	-5.7%	-33.7%	34.7%	-8.9%	-8.4%	-16.7%	-11.3%	0.4%
Net margin	-2.4%	-10.6%	32.6%	12.8%	4.1%	17.7%	9.8%	8.1%
Current ratio	2.35×	1.85×	2.35×	3.13×	1.7×	1.57×	1.5×	1.58×
Debt / equity	0.12×	0.13×	0×	0.01×	0.02×	0.05×	0.1×	0×
Interest coverage	-6.14×	-43.97×	119.11×	-32.11×	-32.69×	-73.01×	-64.02×	3.5×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.1%	-9.7%	26.8%	13.7%	7.7%	27.2%	17.5%	18.8%
Return on invested capital	-4.4%	-26.7%	22.0%	-9.4%	-9.6%	-24.1%	-24.9%	1.0%
Return on assets	-1.5%	-6.9%	20.6%	10.8%	4.6%	15.5%	9.0%	10.8%
Free cash flow yield	-7.9%	-33.9%	-25.5%	-16.7%	4.5%	-7.2%	0.1%	-0.1%
Earnings yield	-0.9%	-5.6%	21.7%	9.5%	3.9%	9.1%	6.1%	11.4%
Enterprise value	DKK 587M	DKK 362.4M	DKK 264M	DKK 198.6M	DKK 190M	DKK 255.5M	DKK 176.2M	DKK 49.6M
Net debt / EBITDA	-0.09×	0.37×	-0.14×	-0.95×	-0.31×	-0.56×	-0.77×	-1.9×
Cash conversion cycle (days)	-189	-73	-90	-47	-12	57	37	-133