Dampskibsselskabet Norden A/S (DNORD.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

+159.8%

DKK 969.22

vs DKK 373.00 price

Levered DCF

DKK 662.26

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.16

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	9.26×	5.55×	4×	3.03×	4.62×	8.09×	33.28×	19.84×
P/B	0.91×	0.69×	1.34×	1.7×	0.96×	0.77×	0.74×	0.69×
P/S	0.36×	0.22×	0.43×	0.43×	0.27×	0.27×	0.25×	0.23×
EV / EBITDA	3.14×	2.19×	2.06×	1.78×	2.97×	3.04×	4.86×	9.89×
Gross margin	5.4%	3.4%	21.1%	16.7%	9.8%	8.7%	4.7%	1.8%
Operating margin	2.2%	5.0%	11.4%	14.9%	6.9%	4.6%	2.2%	1.6%
Net margin	3.8%	4.0%	10.8%	14.0%	5.8%	3.3%	0.7%	1.2%
Current ratio	1.6×	1.46×	1.49×	1.85×	1.41×	1.57×	1.37×	1.42×
Debt / equity	0.6×	0.41×	0.5×	0.61×	1.07×	0.75×	0.74×	0.4×
Interest coverage	1.89×	4.83×	7.92×	15.68×	7.01×	3.95×	1.55×	2.48×
Dividend yield	3.2%	8.1%	19.3%	16.6%	5.6%	2.1%	1.9%	0.0%
Payout ratio	29.5%	44.6%	77.2%	50.6%	25.9%	17.0%	62.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	12.5%	33.4%	55.9%	20.6%	9.5%	2.2%	3.5%
Return on invested capital	3.1%	10.3%	22.8%	36.5%	11.6%	7.0%	3.0%	3.0%
Return on assets	5.3%	7.2%	17.1%	27.0%	8.3%	4.7%	1.1%	2.0%
Free cash flow yield	-25.0%	-6.3%	20.0%	44.9%	19.5%	42.7%	21.3%	-39.9%
Earnings yield	10.8%	18.2%	25.0%	32.9%	21.4%	12.4%	3.0%	5.1%
Enterprise value	DKK 1.5B	DKK 1.2B	DKK 1.6B	DKK 2.2B	DKK 1.6B	DKK 1B	DKK 1.1B	DKK 717M
Net debt / EBITDA	0.78×	0.5×	0.06×	-0.02×	1.2×	1×	1.95×	2.04×
Cash conversion cycle (days)	37	17	13	14	16	23	23	27