Bang & Olufsen a/s (BO.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

-80.4%

DKK 2.08

vs DKK 10.62 price

Levered DCF

-DKK 4.36

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.22

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-12.49×	-67.3×	-74.29×	-9.53×	-66.56×	-169.16×	-1.77×	110.48×
P/B	1.33×	1.73×	1.34×	1.41×	1.81×	3.48×	1.23×	1.5×
P/S	0.54×	0.78×	0.49×	0.49×	0.67×	1.5×	0.5×	0.75×
EV / EBITDA	14.09×	7.1×	5.98×	16.24×	10.22×	23.36×	-7.27×	7.16×
Gross margin	54.5%	55.0%	53.3%	44.1%	45.3%	43.3%	41.2%	48.5%
Operating margin	-0.3%	0.6%	0.7%	-4.5%	1.6%	0.7%	-17.0%	2.1%
Net margin	-4.3%	-1.1%	-0.7%	-5.1%	-1.0%	-0.9%	-28.3%	0.7%
Current ratio	1.34×	1.48×	1.3×	1.29×	1.48×	1.8×	1.75×	2.01×
Debt / equity	0.61×	0.34×	0.63×	0.62×	0.43×	0.2×	0.3×	0.05×
Interest coverage	-0.1×	0.22×	0.32×	-3.44×	2.09×	0.83×	-14.46×	1.79×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-10.6%	-2.5%	-1.8%	-14.7%	-2.7%	-2.0%	-69.2%	1.3%
Return on invested capital	-0.4%	-14.5%	1.1%	-7.1%	2.8%	0.9%	-29.4%	2.2%
Return on assets	-4.8%	-1.2%	-0.7%	-5.9%	-1.2%	-1.0%	-32.4%	0.8%
Free cash flow yield	3.5%	0.9%	0.6%	-1.9%	-8.7%	2.9%	-25.6%	-13.4%
Earnings yield	-8.0%	-1.5%	-1.3%	-10.5%	-1.5%	-0.6%	-56.4%	0.9%
Enterprise value	DKK 1.8B	DKK 2.2B	DKK 1.7B	DKK 1.7B	DKK 2.3B	DKK 4B	DKK 1.1B	DKK 1.7B
Net debt / EBITDA	3.74×	0.78×	1.49×	3.54×	1.38×	0.28×	-0.23×	-1.76×
Cash conversion cycle (days)	83	57	65	39	65	41	72	51