Columbus A/S (COLUM.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

+24.3%

DKK 11.51

vs DKK 9.26 price

Levered DCF

DKK 31.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.21

Safe zone

Rating

Overall 3 / 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	56.12×	23.93×	33.81×	27.35×	19.88×	17.84×	56.76×	16.92×
P/B	1.65×	1.73×	1.28×	1.15×	1.65×	1.97×	1.8×	2.52×
P/S	0.78×	0.78×	0.6×	0.59×	0.83×	0.85×	0.62×	0.85×
EV / EBITDA	11.51×	10.49×	10.1×	10.31×	14.2×	16.25×	20.5×	9.99×
Gross margin	13.4%	88.8%	13.7%	90.3%	24.9%	23.9%	26.9%	20.9%
Operating margin	4.1%	4.3%	3.7%	2.5%	4.0%	1.8%	3.1%	5.7%
Net margin	1.4%	3.3%	1.7%	2.2%	4.1%	2.9%	1.1%	5.1%
Current ratio	1.14×	1.18×	1.17×	1.09×	1.06×	1.02×	0.98×	0.9×
Debt / equity	0.28×	0.29×	0.33×	0.28×	0.22×	0.38×	0.4×	0.3×
Interest coverage	4.64×	4.16×	4.1×	5.9×	8.36×	3.4×	7.65×	26.13×
Dividend yield	1.3%	1.2%	1.8%	2.0%	63.4%	0.0%	1.3%	1.0%
Payout ratio	75.3%	29.7%	60.1%	54.0%	1270.3%	0.0%	77.3%	17.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	7.2%	3.8%	4.2%	8.2%	6.8%	3.1%	14.9%
Return on invested capital	3.1%	7.3%	3.5%	3.6%	6.5%	2.4%	2.2%	8.2%
Return on assets	1.7%	4.2%	2.1%	2.5%	4.8%	3.0%	1.2%	5.8%
Free cash flow yield	5.9%	9.9%	6.8%	0.4%	-3.6%	12.7%	12.0%	4.9%
Earnings yield	1.7%	4.2%	2.9%	3.7%	5.0%	3.5%	1.7%	5.9%
Enterprise value	DKK 1.4B	DKK 1.4B	DKK 1.1B	DKK 976.4M	DKK 1.3B	DKK 1.5B	DKK 1.3B	DKK 1.7B
Net debt / EBITDA	1.21×	1.02×	1.8×	1.72×	1.04×	1.12×	1.88×	0.49×
Cash conversion cycle (days)	66	-20	-17	-175	-26	42	45	43