Demant A/S (DEMANT.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

-5.3%

DKK 346.22

vs DKK 365.60 price

Levered DCF

DKK 354.55

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.92

Grey 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	29.44×	23.8×	36.82×	20.91×	31.32×	51.41×	34.97×	25.6×
P/B	4.62×	6×	7.14×	5.08×	9.86×	6.99×	6.69×	6.62×
P/S	1.97×	2.56×	2.94×	2.21×	4.28×	3.99×	3.42×	3.35×
EV / EBITDA	13.18×	12.4×	15.13×	13.38×	19.68×	26.9×	20.68×	19.18×
Gross margin	69.8%	76.2%	73.7%	74.4%	74.8%	70.4%	75.8%	77.4%
Operating margin	17.6%	21.0%	18.5%	16.3%	18.7%	10.6%	14.4%	18.2%
Net margin	6.7%	10.6%	8.0%	10.6%	13.7%	7.7%	9.8%	13.1%
Current ratio	1.33×	1.63×	1.37×	0.87×	0.72×	0.91×	0.78×	0.8×
Debt / equity	2.39×	1.64×	1.56×	1.76×	1.42×	1.09×	1.31×	1.02×
Interest coverage	7.35×	7.23×	7.42×	16.45×	31.61×	13.08×	13.2×	25.84×
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	15.7%	25.0%	19.4%	24.3%	31.5%	13.6%	19.1%	25.9%
Return on invested capital	9.2%	13.4%	12.0%	9.8%	12.9%	7.0%	8.7%	12.7%
Return on assets	4.0%	7.4%	5.9%	7.0%	10.1%	5.1%	6.7%	10.2%
Free cash flow yield	7.3%	5.8%	5.5%	3.9%	3.2%	3.4%	2.7%	2.3%
Earnings yield	3.4%	4.2%	2.7%	4.8%	3.2%	1.9%	2.9%	3.9%
Enterprise value	DKK 67.7B	DKK 72B	DKK 79.4B	DKK 57.5B	DKK 88.9B	DKK 65.7B	DKK 60.3B	DKK 53.3B
Net debt / EBITDA	4.33×	2.51×	2.54×	3.25×	2.25×	3.29×	3.16×	2.37×
Cash conversion cycle (days)	163	197	186	232	203	186	219	222