Flügger group A/S (FLUG-B.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

+211.0%

DKK 1,194.22

vs DKK 384.00 price

Levered DCF

DKK 4,181.81

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.9

Grey zone

Rating

A-

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	16.42×	16.21×	234.04×	-271.11×	190.94×	12.69×	14.37×	26.88×
P/B	1.24×	1.14×	1.32×	1.48×	1.57×	2.38×	1.1×	1.17×
P/S	0.45×	0.41×	0.45×	0.43×	0.61×	1×	0.44×	0.47×
EV / EBITDA	5.74×	5.65×	7.1×	12.54×	6.98×	6.52×	5.31×	7.46×
Gross margin	55.6%	53.6%	51.4%	46.7%	52.1%	56.2%	52.7%	54.4%
Operating margin	4.6%	4.1%	3.1%	1.7%	7.5%	10.6%	4.4%	2.2%
Net margin	2.7%	2.6%	0.2%	-0.2%	0.3%	7.9%	3.1%	1.8%
Current ratio	1.37×	1.31×	1.2×	1.04×	1.17×	1.53×	1.44×	2.24×
Debt / equity	0.62×	0.77×	0.94×	1.1×	0.81×	0.44×	0.58×	0.02×
Interest coverage	5.63×	4.95×	3.31×	2.85×	7.95×	21.47×	9.49×	21.67×
Dividend yield	5.8%	2.3%	1.5%	2.7%	3.1%	1.3%	3.5%	5.0%
Payout ratio	95.2%	37.9%	354.5%	-741.9%	591.3%	16.9%	49.9%	134.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.5%	7.0%	0.6%	-0.5%	0.8%	18.8%	7.7%	4.3%
Return on invested capital	5.7%	4.7%	2.4%	2.6%	5.4%	13.6%	5.3%	5.0%
Return on assets	3.4%	3.0%	0.2%	-0.2%	0.3%	9.3%	3.4%	2.9%
Free cash flow yield	25.5%	21.1%	13.5%	-0.2%	-10.3%	8.0%	23.8%	3.4%
Earnings yield	6.1%	6.2%	0.4%	-0.4%	0.5%	7.9%	7.0%	3.7%
Enterprise value	DKK 1.5B	DKK 1.5B	DKK 1.7B	DKK 1.9B	DKK 2.1B	DKK 2.4B	DKK 1.1B	DKK 721.7M
Net debt / EBITDA	1.87×	2.22×	2.91×	5.3×	2.32×	0.66×	1.41×	-1.49×
Cash conversion cycle (days)	105	126	134	123	122	106	111	131