Danske Andelskassers Bank A/S (DAB.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

+203.8%

DKK 44.96

vs DKK 14.80 price

Levered DCF

DKK 20.37

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.48

Distress 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	23.52×	16.76×	11.48×	12.76×	10.07×	15.19×	3.46×	6.86×
P/B	1.44×	1.05×	0.79×	0.84×	0.9×	0.65×	0.56×	0.59×
P/S	4.52×	3.3×	2.5×	3.15×	2.92×	2.1×	1.32×	1.45×
EV / EBITDA	13.16×	5.44×	4.14×	5.12×	3.67×	4.95×	-0.88×	0.27×
Gross margin	93.9%	92.7%	96.3%	96.4%	97.4%	97.0%	97.3%	96.5%
Operating margin	29.0%	36.8%	33.8%	23.9%	29.7%	19.8%	40.7%	18.3%
Net margin	29.1%	29.7%	32.9%	24.6%	29.1%	18.0%	41.3%	22.1%
Current ratio	0.07×	0.13×	0.11×	0.14×	0.14×	0.1×	0.16×	0.1×
Debt / equity	0.23×	0.16×	0.12×	0.15×	0.11×	0.2×	0.08×	0.07×
Interest coverage	4×	5.06×	9.24×	6.57×	11.55×	6.64×	15.06×	5.27×
Dividend yield	1.9%	2.6%	1.8%	2.8%	1.3%	7.3%	0.0%	0.0%
Payout ratio	29.3%	29.2%	13.8%	36.1%	13.2%	85.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	9.5%	10.4%	6.5%	9.0%	5.5%	17.6%	8.9%
Return on invested capital	6.5%	7.0%	8.2%	4.7%	6.6%	3.9%	14.2%	5.8%
Return on assets	1.5%	1.7%	1.8%	1.1%	1.5%	0.9%	2.8%	1.1%
Free cash flow yield	0.0%	9.3%	-19.1%	-1.7%	29.8%	-62.1%	63.3%	-30.9%
Earnings yield	6.4%	9.0%	13.2%	7.8%	9.9%	8.6%	31.2%	15.2%
Enterprise value	DKK 3.9B	DKK 2B	DKK 1.3B	DKK 789.7M	DKK 779.3M	DKK 670.3M	-DKK 314.2M	DKK 29.3M
Net debt / EBITDA	-1.26×	-3.02×	-3.02×	-7.29×	-5.69×	-4.8×	-4.02×	-7.35×
Cash conversion cycle (days)	44	48	45	15	6	6	-4,621	-3,894