DonkeyRepublic Holding A/S (DONKEY.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

+127.4%

DKK 19.78

vs DKK 8.70 price

Levered DCF

DKK 10.63

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.18

Safe zone

Rating

B-

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	-14.63×	-14.63×	-4.13×	-3.07×	-3.65×	-6.95×	-68.71×	-172.53×
P/B	1.99×	1.7×	1.67×	2.64×	0.94×	22.69×	60.1×	225.73×
P/S	0.97×	0.96×	0.83×	1.95×	2.38×	8.39×	40.3×	64.29×
EV / EBITDA	11.75×	7.06×	27.6×	-7.13×	-4.65×	-15.38×	-20.58×	-373.37×
Gross margin	26.2%	71.4%	63.6%	19.9%	42.0%	4.7%	15.5%	32.5%
Operating margin	2.8%	0.7%	-10.1%	-59.2%	-61.0%	-116.0%	-56.3%	-38.2%
Net margin	-6.6%	-6.7%	-20.1%	-63.5%	-64.9%	-120.7%	-57.9%	-37.3%
Current ratio	0.91×	0.99×	1×	1.26×	3.45×	0.79×	0.79×	0.48×
Debt / equity	0.87×	0.39×	1.49×	1.44×	0.48×	0.18×	0.17×	2.44×
Interest coverage	0.6×	0.11×	-1.12×	-6.9×	-7.7×	-8.27×	-1.98×	-6.07×
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	-13.6%	-11.7%	-40.4%	-86.0%	-25.8%	-326.6%	-86.3%	-130.8%
Return on invested capital	3.0%	0.8%	-8.0%	-26.6%	-16.1%	-440.2%	-53.4%	-25.6%
Return on assets	-6.2%	-5.7%	-13.5%	-24.6%	-15.3%	-396.6%	-32.9%	-24.9%
Free cash flow yield	-0.4%	-4.2%	-16.7%	-63.6%	-63.0%	-1.7%	-2.4%	0.0%
Earnings yield	-6.9%	-6.9%	-24.2%	-32.6%	-27.3%	-14.4%	-1.4%	-0.6%
Enterprise value	DKK 203.2M	DKK 146.2M	DKK 149.9M	DKK 167.1M	DKK 51.4M	DKK 175.5M	DKK 180.3M	DKK 175.9M
Net debt / EBITDA	2.46×	0.24×	10.05×	-1.48×	3.42×	0.53×	0.14×	-3.27×
Cash conversion cycle (days)	23	36	45	-21	93	119	-47	-94