Ambu A/S (AMBU-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

-90.1%

DKK 8.06

vs DKK 81.30 price

Levered DCF

DKK 9.80

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

9.53

Safe 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	40.44×	149.03×	113.63×	179.51×	193.72×	183.67×	87.31×	114.39×
P/B	4.09×	6.26×	3.57×	3.96×	12.09×	18.71×	12.72×	20.53×
P/S	4.09×	6.5×	4.03×	3.8×	11.91×	12.44×	9.84×	14.83×
EV / EBITDA	21.05×	50.6×	32.72×	41.92×	88.29×	76.34×	53.1×	64.74×
Gross margin	56.0%	59.4%	56.8%	57.5%	62.4%	62.0%	58.0%	59.4%
Operating margin	13.0%	12.0%	6.3%	3.2%	8.5%	12.0%	17.7%	21.6%
Net margin	10.1%	4.4%	3.5%	2.1%	6.2%	6.8%	11.2%	12.9%
Current ratio	2.72×	2.49×	2.13×	1.98×	1.64×	1.19×	1.15×	2.08×
Debt / equity	0.09×	0.1×	0.11×	0.43×	0.21×	0.61×	0.53×	0.7×
Interest coverage	26.13×	23.89×	4.95×	4.5×	13.08×	15.29×	24.95×	18.16×
Dividend yield	0.4%	0.0%	0.0%	0.4%	0.2%	0.2%	0.4%	0.2%
Payout ratio	16.6%	0.0%	0.0%	79.6%	29.1%	39.0%	30.9%	27.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	4.2%	3.1%	2.2%	6.3%	10.2%	14.5%	17.9%
Return on invested capital	9.6%	8.2%	4.0%	2.0%	5.7%	8.1%	10.7%	10.8%
Return on assets	7.9%	3.3%	2.4%	1.3%	4.3%	4.9%	7.0%	8.0%
Free cash flow yield	2.7%	2.1%	1.0%	-2.7%	-0.5%	-0.3%	1.0%	1.4%
Earnings yield	2.5%	0.7%	0.9%	0.6%	0.5%	0.5%	1.1%	0.9%
Enterprise value	DKK 24.4B	DKK 35B	DKK 19.7B	DKK 18.5B	DKK 48.6B	DKK 45.7B	DKK 28.8B	DKK 39.9B
Net debt / EBITDA	-0.28×	-0.08×	0.71×	3.75×	1.38×	2.25×	1.91×	2.02×
Cash conversion cycle (days)	151	154	163	186	159	127	138	135