cBrain A/S (CBRAIN.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

-98.5%

DKK 1.53

vs DKK 99.30 price

Levered DCF

DKK 6.91

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

14.5

Safe zone

Rating

A-

Overall 4 / 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	51.18×	54.2×	83.28×	80.41×	179.62×	240.51×	126.19×	152.69×
P/B	6.92×	12.16×	22.96×	18.19×	41.25×	35.07×	11.26×	4.54×
P/S	8.77×	13.11×	22×	16.4×	35.98×	30.92×	10.74×	4.64×
EV / EBITDA	25×	31.16×	49.53×	46.33×	93.89×	99.74×	38.74×	24.92×
Gross margin	38.3%	57.4%	50.8%	110.6%	112.1%	114.0%	114.1%	114.2%
Operating margin	23.4%	33.0%	35.7%	26.3%	25.0%	17.3%	11.3%	4.1%
Net margin	17.2%	24.2%	26.4%	20.4%	20.0%	12.9%	8.4%	3.0%
Current ratio	2.46×	2.08×	1.25×	1.02×	3.03×	2.94×	3.71×	4.99×
Debt / equity	0.09×	0.18×	0.22×	0.58×	0.32×	0.05×	0.15×	0×
Interest coverage	27.34×	31.34×	18.77×	59.35×	74.31×	65.04×	59.64×	21.02×
Dividend yield	0.6%	0.2%	0.1%	0.1%	0.0%	0.1%	0.2%	0.6%
Payout ratio	29.0%	8.5%	6.5%	8.7%	8.8%	14.9%	26.5%	86.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	22.5%	27.6%	22.6%	23.0%	14.7%	8.8%	2.9%
Return on invested capital	12.6%	18.9%	22.7%	13.9%	16.3%	12.7%	7.2%	2.8%
Return on assets	11.1%	16.5%	18.5%	11.9%	14.4%	10.0%	6.7%	2.4%
Free cash flow yield	3.7%	0.6%	1.1%	-5.3%	0.6%	0.7%	1.2%	-1.6%
Earnings yield	2.0%	1.8%	1.2%	1.2%	0.6%	0.4%	0.8%	0.6%
Enterprise value	DKK 2.2B	DKK 3.5B	DKK 5.3B	DKK 3.2B	DKK 5.5B	DKK 3.7B	DKK 1B	DKK 362M
Net debt / EBITDA	-0.16×	0.26×	0.39×	1.4×	-0.49×	-1.25×	-0.65×	-1.76×
Cash conversion cycle (days)	48	81	73	196	137	252	184	180