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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
-186.0%
-DKK 0.86
vs DKK 1.00 price
Levered DCF
-DKK 1.05
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
5.54
Safe zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.8×-9.12×-13.06×-10.09×-11.76×-13.93×-10.85×-20.11×
P/B8.7×9.28×12.45×10.94×14.94×8.55×29.56×13.41×
P/S13.61×17.35×24.2×26.52×28.32×37.18×28.12×28.96×
EV / EBITDA-5.92×-8.23×-11.92×-9.12×-11.19×-12.35×-10.35×-17.26×
Gross margin69.5%67.7%65.2%65.7%62.0%57.5%65.1%68.6%
Operating margin-213.7%-208.2%-194.3%-268.8%-269.0%-274.0%-279.1%-160.6%
Net margin-203.8%-188.3%-181.9%-262.1%-235.5%-265.3%-261.6%-146.2%
Current ratio3.25×4.12×3.24×3.27×2.59×4.03×2.32×6.8×
Debt / equity0.12×0.17×0.12×0.15×0.28×0.11×0.15×0×
Interest coverage-111.52×-90.47×-93.71×-64.63×-71.55×-75.25×-164.74×-369.74×
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 equity-130.3%-100.7%-93.6%-108.1%-124.3%-61.0%-275.0%-67.7%
Return on invested capital-114.4%-88.4%-82.1%-89.7%-98.4%-52.3%-232.4%-66.9%
Return on assets-88.1%-71.1%-62.7%-69.9%-70.3%-43.9%-163.2%-57.5%
Free cash flow yield-14.1%-13.3%-7.4%-6.9%-9.5%-4.3%-8.2%-5.2%
Earnings yield-15.0%-10.9%-7.5%-9.9%-8.3%-7.1%-9.3%-5.0%
Enterprise valueDKK 500.9MDKK 580.4MDKK 690.1MDKK 697.2MDKK 654.3MDKK 765.4MDKK 734.1MDKK 706.9M
Net debt / EBITDA0.56×0.69×1.02×0.93×0.56×1.57×0.2×1.14×
Cash conversion cycle (days)-4663-67-233586312285