AL Sydbank A/S (ALSYDB.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

+191.4%

DKK 2,066.02

vs DKK 709.00 price

Levered DCF

DKK 2,233.81

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.38

Distress zone

Rating

B-

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	16.38×	11.07×	9.58×	17.5×	24.47×	44.02×	41.96×	32.05×
P/B	0.79×	1.91×	1.96×	2.33×	2.69×	2.68×	3.11×	3.34×
P/S	3.29×	3.02×	3.44×	5.57×	6.19×	7.1×	7.19×	8.7×
EV / EBITDA	9.53×	7.78×	5.13×	7.91×	468.4×	54.6×	36.28×	530×
Gross margin	82.9%	75.9%	83.2%	92.6%	100.0%	88.7%	90.5%	100.0%
Operating margin	27.3%	36.7%	47.9%	41.3%	45.3%	21.7%	22.8%	39.3%
Net margin	20.9%	27.8%	37.4%	32.6%	26.0%	16.9%	18.0%	27.7%
Current ratio	0.12×	0.09×	0.14×	0.2×	0×	1.29×	0×	0.99×
Debt / equity	0.66×	0.85×	0.78×	1.03×	2.7×	2.46×	0.94×	1.69×
Interest coverage	1.6×	1.52×	2.85×	5.55×	5.59×	2.21×	2.02×	0×
Dividend yield	4.7%	5.6%	3.1%	2.2%	1.8%	0.0%	1.7%	2.1%
Payout ratio	73.4%	60.8%	28.7%	37.4%	41.6%	0.9%	68.3%	66.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.0%	17.5%	21.3%	13.6%	11.3%	6.4%	7.8%	10.6%
Return on invested capital	2.7%	7.4%	8.5%	4.7%	1.0%	0.5%	0.5%	1.0%
Return on assets	0.6%	1.4%	1.8%	1.1%	0.8%	0.5%	0.6%	0.8%
Free cash flow yield	21.6%	-3.3%	5.8%	13.3%	-4.2%	-5.4%	-9.1%	-6.9%
Earnings yield	6.3%	9.2%	10.9%	5.9%	4.2%	2.4%	2.5%	3.2%
Enterprise value	DKK 24.2B	DKK 29.2B	DKK 22.5B	DKK 19.9B	DKK 61.3B	DKK 61B	DKK 41.9B	DKK 53B
Net debt / EBITDA	-2.21×	-0.22×	-1.89×	-4.96×	213.76×	24.83×	6.81×	165.02×
Cash conversion cycle (days)	-63	-23	-51	-125	1	13	11	15