FLSmidth & Co. A/S (FLS.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

-80.0%

DKK 116.05

vs DKK 579.00 price

Levered DCF

DKK 36.31

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.25

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	143.09×	19.88×	32.79×	38.6×	35.56×	55.56×	17.12×	23.08×
P/B	2.63×	1.71×	1.5×	1.32×	1.23×	1.44×	1.51×	1.79×
P/S	1.71×	1×	0.68×	0.65×	0.72×	0.71×	0.64×	0.79×
EV / EBITDA	12.13×	9.62×	9.84×	11.96×	9.13×	12.58×	8.13×	9.81×
Gross margin	31.9%	32.0%	25.3%	23.2%	23.8%	23.5%	23.5%	25.0%
Operating margin	11.7%	8.6%	5.0%	2.8%	3.5%	3.2%	6.0%	6.2%
Net margin	1.2%	5.0%	2.1%	1.7%	2.0%	1.3%	3.8%	3.4%
Current ratio	1.22×	1.14×	1.08×	1.15×	1.27×	1.25×	1.28×	1.24×
Debt / equity	0.27×	0.15×	0.18×	0.27×	0.1×	0.34×	0.4×	0.34×
Interest coverage	14.62×	10.8×	7.45×	7.21×	7.36×	6.65×	13.81×	11.34×
Dividend yield	1.8%	1.1%	1.0%	1.2%	0.8%	0.1%	3.4%	2.8%
Payout ratio	261.7%	22.6%	34.2%	47.6%	28.2%	6.7%	58.1%	65.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.8%	8.6%	4.6%	3.4%	3.5%	2.6%	8.8%	7.8%
Return on invested capital	4.7%	7.5%	5.3%	2.5%	3.0%	2.5%	6.1%	9.6%
Return on assets	0.8%	3.8%	1.8%	1.2%	1.6%	1.0%	3.3%	3.0%
Free cash flow yield	1.6%	-0.3%	0.8%	4.4%	9.1%	9.2%	4.0%	-0.8%
Earnings yield	0.7%	5.0%	3.1%	2.6%	2.8%	1.8%	5.8%	4.3%
Enterprise value	DKK 27B	DKK 20.9B	DKK 16.9B	DKK 15B	DKK 11.8B	DKK 13.5B	DKK 15.8B	DKK 16.7B
Net debt / EBITDA	0.89×	0.32×	0.33×	0.59×	-0.69×	1.69×	1.29×	1.13×
Cash conversion cycle (days)	183	160	99	154	132	127	117	165