Alm. Brand A/S (ALMB.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

-45.1%

DKK 9.50

vs DKK 17.30 price

Levered DCF

DKK 6.17

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.6

Distress zone

Rating

Overall 3 / 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	20.54×	27.51×	29.83×	46.88×	12.49×	15.64×	20.41×	13.95×
P/B	2.28×	1.59×	1.32×	1.25×	0.55×	2.19×	2.01×	1.67×
P/S	2.04×	1.51×	1.32×	1.64×	1.43×	2.18×	1.1×	1.01×
EV / EBITDA	18.04×	13.53×	16.84×	9,711.91×	12.21×	12.04×	11.14×	8.55×
Gross margin	100.0%	96.3%	96.7%	83.2%	81.3%	82.6%	90.9%	90.4%
Operating margin	11.9%	8.0%	4.9%	-2.2%	13.3%	14.0%	7.0%	8.6%
Net margin	10.1%	5.5%	4.4%	3.5%	11.4%	11.9%	5.4%	7.3%
Current ratio	0×	0.06×	0.06×	0.12×	1.11×	3.59×	8.56×	7.05×
Debt / equity	0.16×	0.17×	0.17×	0.18×	0.14×	0.31×	0.35×	0.21×
Interest coverage	0×	4.36×	1.96×	0×	46.53×	45.5×	12.76×	168.75×
Dividend yield	3.2%	4.0%	2.5%	2.7%	30.9%	0.0%	4.0%	6.1%
Payout ratio	63.9%	109.1%	75.5%	123.5%	386.0%	0.0%	81.4%	84.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.3%	5.8%	4.4%	2.7%	4.4%	12.0%	9.9%	12.0%
Return on invested capital	3.7%	4.2%	2.7%	-1.1%	2.2%	1.9%	1.3%	1.8%
Return on assets	4.2%	2.2%	1.7%	1.1%	1.4%	1.9%	1.1%	1.5%
Free cash flow yield	3.7%	2.7%	0.6%	0.8%	11.8%	10.8%	15.1%	5.5%
Earnings yield	5.0%	3.6%	3.3%	2.2%	8.0%	5.5%	4.9%	7.2%
Enterprise value	DKK 28.6B	DKK 23.2B	DKK 20.2B	DKK 19.4B	DKK 9.3B	DKK 12.4B	DKK 9.8B	DKK 7.8B
Net debt / EBITDA	0.86×	1.07×	1.51×	1,043×	2.36×	1.04×	0.63×	-0.09×
Cash conversion cycle (days)	13	11	8	59	-37	-59	-58	-75