Brødrene A & O Johansen A/S (AOJ-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

-12.3%

DKK 93.88

vs DKK 107.00 price

Levered DCF

DKK 42.05

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.03

Grey 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	12.81×	13.1×	9.27×	7.67×	14.56×	9.5×	7.22×	6.93×
P/B	1.54×	1.39×	1.29×	1.6×	2.98×	1.59×	1.09×	1.08×
P/S	0.42×	0.39×	0.36×	0.42×	0.77×	0.4×	0.26×	0.24×
EV / EBITDA	8.96×	8.27×	6.04×	5.69×	9.03×	5.59×	5.11×	5.87×
Gross margin	11.7%	23.0%	23.4%	24.3%	23.3%	22.3%	23.2%	23.8%
Operating margin	4.7%	4.5%	5.6%	7.2%	6.8%	5.6%	4.9%	4.6%
Net margin	3.3%	3.0%	3.9%	5.5%	5.3%	4.2%	3.7%	3.5%
Current ratio	1.03×	1.1×	1.17×	1.16×	1.05×	1.04×	0.87×	0.77×
Debt / equity	0.67×	0.68×	0.41×	0.41×	0.27×	0.34×	0.66×	0.85×
Interest coverage	7.15×	5.1×	10.63×	42×	75.1×	32.79×	20×	12.24×
Dividend yield	3.2%	4.8%	7.5%	5.4%	1.1%	1.0%	1.7%	2.0%
Payout ratio	40.7%	62.4%	69.2%	41.5%	16.1%	9.4%	12.4%	13.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	10.6%	14.0%	20.9%	20.5%	16.8%	15.1%	15.7%
Return on invested capital	7.7%	7.1%	10.7%	14.6%	15.6%	12.2%	9.0%	8.4%
Return on assets	4.9%	4.3%	6.4%	8.9%	9.4%	7.3%	5.7%	5.5%
Free cash flow yield	4.4%	1.8%	11.4%	0.5%	2.8%	19.2%	27.3%	26.7%
Earnings yield	7.8%	7.6%	10.8%	13.0%	6.9%	10.5%	13.9%	14.4%
Enterprise value	DKK 3.6B	DKK 3.1B	DKK 2.4B	DKK 2.8B	DKK 3.9B	DKK 1.9B	DKK 1.4B	DKK 1.5B
Net debt / EBITDA	2.6×	2.62×	1.3×	1.1×	0.45×	0.65×	1.75×	2.55×
Cash conversion cycle (days)	28	26	15	17	-5	-1	10	20