Cemat A/S (CEMAT.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

+2790.3%

DKK 24.28

vs DKK 0.84 price

Levered DCF

-DKK 10.13

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.07

Safe zone

Rating

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	3.7×	21.11×	23.11×	7.99×	10.64×	37.6×	19.66×	742×
P/B	0.96×	1.46×	1.48×	1.17×	2.14×	0.98×	0.89×	1×
P/S	1.4×	6.53×	7.06×	6.11×	12.08×	4.8×	2.52×	2.37×
EV / EBITDA	2.79×	14.9×	15.88×	5.87×	7.56×	14.72×	9.13×	38.38×
Gross margin	39.0%	73.7%	70.5%	72.1%	76.2%	75.0%	61.5%	48.9%
Operating margin	24.2%	18.5%	13.1%	13.0%	15.6%	5.5%	26.7%	5.3%
Net margin	37.5%	31.0%	30.6%	76.5%	113.6%	12.7%	12.8%	0.3%
Current ratio	27.54×	1.52×	2.76×	10.23×	7.34×	4.06×	3.75×	4.4×
Debt / equity	0.21×	0.25×	0.18×	0.11×	0.15×	0.14×	0.15×	0×
Interest coverage	23.03×	4.31×	4.38×	2.98×	3.19×	1.1×	8.66×	4.6×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.7%	6.9%	6.4%	14.7%	20.1%	2.6%	4.5%	0.1%
Return on invested capital	8.6%	2.0%	1.4%	1.4%	1.5%	0.5%	4.3%	0.1%
Return on assets	17.0%	3.6%	3.9%	10.1%	13.4%	1.7%	2.9%	0.1%
Free cash flow yield	22.8%	-5.1%	1.0%	-5.3%	-0.6%	2.5%	3.6%	-0.7%
Earnings yield	26.7%	4.7%	4.3%	12.5%	9.4%	2.6%	5.1%	0.1%
Enterprise value	DKK 240.8M	DKK 290.7M	DKK 254.2M	DKK 170.2M	DKK 258.8M	DKK 90.1M	DKK 85.3M	DKK 77.5M
Net debt / EBITDA	0.12×	1.71×	1.05×	0.27×	0.04×	-0.63×	-0.28×	-7.51×
Cash conversion cycle (days)	24	3,384	1,389	1,594	1,732	-44	-39	-161