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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
-322.5%
-DKK 6.54
vs DKK 2.94 price
Levered DCF
-DKK 6.81
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
12.68
Safe zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-23×-5.65×-5.23×-2.49×-15.05×-26.6×-985.07×-123.36×
P/B4.92×1.73×1.48×1.03×1.8×2.84×55.74×420.03×
P/S3.12×1.85×2.08×1.92×4.66×11.09×17.84×36.92×
EV / EBITDA94.5×-15.11×-10.57×-3.78×-17.39×-18.22×-4,104.41×-172.78×
Gross margin13.4%26.6%23.5%16.0%30.3%25.4%50.2%44.7%
Operating margin-10.3%-29.3%-37.9%-58.3%-34.5%-50.7%-1.4%-28.4%
Net margin-13.2%-32.5%-40.2%-76.9%-30.7%-41.5%-1.8%-29.9%
Current ratio4.24×4.4×11.73×24.23×24.15×24.41×1.56×2.76×
Debt / equity0.05×0.07×0.03×0.01×0.02×0.02×0.55×11.83×
Interest coverage-3.55×-9.14×-16.42×-20.64×-10.23×-33.4×-3.05×-4.75×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-20.8%-30.3%-28.6%-41.3%-11.8%-10.6%-5.7%-340.5%
Return on invested capital-15.5%-25.7%-26.1%-31.1%-10.2%-10.1%3.9%-23.1%
Return on assets-17.0%-26.2%-27.4%-40.4%-11.5%-10.2%-2.9%-23.6%
Free cash flow yield1.8%-15.5%-10.7%-35.0%-18.8%-8.0%-1.5%-2.3%
Earnings yield-4.2%-17.5%-19.4%-40.1%-6.6%-3.7%-0.1%-0.8%
Enterprise valueDKK 35MDKK 18.1MDKK 16.6MDKK 12.4MDKK 31.1MDKK 54.3MDKK 89.1MDKK 85.3M
Net debt / EBITDA-2.71×0.21×1.05×1.2×5.19×5.69×-29.02×-4.32×
Cash conversion cycle (days)1101742051882107277206