Fast Ejendom Danmark A/S (FED.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

+82.1%

DKK 422.40

vs DKK 232.00 price

Levered DCF

DKK 14.98

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.5

Distress 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	6.03×	5×	8.02×	3.06×	4.71×	11.83×	7.58×	6.86×
P/B	0.72×	0.44×	0.47×	0.58×	0.75×	0.75×	0.9×	0.66×
P/S	4.99×	1.97×	2.61×	1.75×	2.26×	3.62×	3.25×	2.65×
EV / EBITDA	9.1×	9.31×	17.51×	24.67×	26.53×	21.86×	34.78×	14.54×
Gross margin	75.0%	79.9%	77.1%	86.6%	81.9%	64.4%	71.7%	67.9%
Operating margin	62.5%	72.8%	48.8%	79.9%	74.5%	51.2%	60.3%	55.0%
Net margin	82.8%	39.4%	32.5%	57.2%	47.9%	30.6%	42.9%	38.6%
Current ratio	2.06×	0.77×	0.18×	2.25×	3.48×	1.05×	1.38×	2.86×
Debt / equity	0.92×	1.09×	1.18×	1.1×	1.39×	1.63×	1.61×	1.69×
Interest coverage	2.24×	2.51×	1.53×	13.82×	14.15×	5.45×	8.59×	6.09×
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	11.9%	8.8%	5.8%	19.0%	15.9%	6.3%	11.8%	9.7%
Return on invested capital	3.7%	6.5%	3.4%	8.8%	6.7%	2.9%	4.8%	3.9%
Return on assets	5.5%	3.8%	2.4%	8.1%	6.1%	2.2%	4.3%	3.4%
Free cash flow yield	7.8%	4.0%	7.7%	5.3%	6.8%	7.5%	7.6%	8.8%
Earnings yield	16.6%	20.0%	12.5%	32.7%	21.2%	8.5%	13.2%	14.6%
Enterprise value	DKK 1.3B	DKK 1.1B	DKK 1B	DKK 939.1M	DKK 995.9M	DKK 934.3M	DKK 924.2M	DKK 730.9M
Net debt / EBITDA	5×	6.59×	12.34×	15.55×	16.87×	14.7×	21.81×	9.98×
Cash conversion cycle (days)	-48	-48	-54	-63	1,930	-14	-13	-50