Copenhagen Capital A/S (CPHCAP-PREF32.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

+35.5%

DKK 10.71

vs DKK 7.90 price

Levered DCF

DKK 17.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.09

Distress zone

Rating

A+

Overall 5 / 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	5.64×	99.8×	-4.03×	3.04×	2.05×	6.33×	3.27×	3.9×
P/B	0.75×	0.67×	0.55×	0.58×	0.65×	0.57×	0.57×	0.72×
P/S	7.47×	6.08×	5.49×	7.27×	8.48×	4.73×	5.46×	5.97×
EV / EBITDA	8.99×	42.53×	-8.69×	4.73×	4.04×	12.69×	6.82×	7.03×
Gross margin	87.1%	84.7%	85.3%	83.2%	79.7%	72.8%	74.6%	76.0%
Operating margin	68.6%	69.1%	69.0%	64.6%	61.9%	55.5%	50.7%	51.5%
Net margin	144.2%	14.7%	-162.6%	248.4%	424.5%	85.4%	176.3%	163.9%
Current ratio	0.23×	0.27×	0.16×	2.24×	0.13×	0.73×	0.29×	2.3×
Debt / equity	1.25×	1.2×	1.05×	0.83×	1.12×	1.47×	1.46×	1.36×
Interest coverage	1.85×	1.99×	2.25×	2.87×	3.13×	0×	2.44×	2.25×
Dividend yield	1.6%	1.4%	2.1%	7.5%	1.3%	1.5%	1.5%	1.6%
Payout ratio	8.5%	58.6%	-7.2%	22.1%	2.6%	8.4%	4.5%	5.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	1.6%	-16.4%	19.7%	32.6%	10.2%	18.4%	19.8%
Return on invested capital	2.2%	3.3%	2.4%	2.0%	1.6%	2.0%	1.5%	2.0%
Return on assets	5.8%	0.7%	-7.1%	9.5%	13.7%	3.7%	6.6%	7.9%
Free cash flow yield	7.6%	5.5%	5.9%	9.7%	5.3%	5.1%	4.8%	7.0%
Earnings yield	19.3%	2.4%	-29.6%	34.2%	50.0%	18.0%	32.3%	27.5%
Enterprise value	DKK 1.2B	DKK 829.1M	DKK 741.9M	DKK 740.6M	DKK 824.3M	DKK 619.4M	DKK 569.6M	DKK 374.5M
Net debt / EBITDA	5.6×	27.07×	-5.65×	2.73×	2.54×	9.01×	4.87×	4.47×
Cash conversion cycle (days)	8	-38	-82	567	-110	-12	87	54