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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
-449.9%
-DKK 1.00
vs DKK 0.29 price
Levered DCF
-DKK 2.20
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.05
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E18.68×-2.74×-2.91×-22.05×2.75×-6.6×-1.26×-4.44×
P/B1.12×1.81×1.97×1.15×0.98×1.09×2.5×1.55×
P/S1.12×1.35×0.91×1.18×0.81×1.51×0.83×1.17×
EV / EBITDA47.16×-12.09×19.76×6.02×1.36×12.68×-7.73×5.31×
Gross margin48.9%71.7%73.4%72.5%78.3%75.2%74.4%74.5%
Operating margin-25.9%-57.7%-31.6%-37.7%5.6%-75.6%-25.0%38.7%
Net margin5.3%-50.0%-30.5%-5.4%28.8%-22.8%-44.9%-27.0%
Current ratio2.21×2.24×1.16×0.74×1.53×0.74×0.14×0.32×
Debt / equity0.4×0.88×1.01×0.01×0×0.01×1.74×0.2×
Interest coverage0×-11.29×-7.76×-125.51×33.11×-59.02×-10.83×76.52×
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 equity5.3%-67.1%-66.0%-5.2%34.8%-16.6%-135.9%-35.6%
Return on invested capital-16.6%-38.3%-32.3%-31.8%4.1%-50.7%-26.3%-203.7%
Return on assets2.8%-27.0%-24.4%-3.4%24.0%-10.1%-32.4%-19.1%
Free cash flow yield-19.0%0.0%-84.2%-38.9%2.5%-13.6%-48.3%-36.0%
Earnings yield4.8%-37.1%-33.6%-4.5%35.5%-15.2%-54.5%-23.0%
Enterprise valueDKK 355.3MDKK 383.4MDKK 420.6MDKK 231.8MDKK 167.8MDKK 149MDKK 240.7MDKK 241.8M
Net debt / EBITDA6.44×-0.98×5.19×-0.77×-0.54×-1.84×-3.09×0.59×
Cash conversion cycle (days)-8-105-13-236-88-111-2790