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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
-5335.1%
-DKK 80.36
vs DKK 1.54 price
Levered DCF
-DKK 66.42
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
1.18
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.24×-5.61×702.02×120×439.26×-53.16×-321.54×1,369.86×
P/B0.71×1.24×3.55×10.64×20.57×26.34×32.84×75.13×
P/S0.91×1.77×3.33×6×11.96×45.9×11.11×12.97×
EV / EBITDA-0.59×-3.84×62.4×88.07×401.49×-52.17×-326.96×200.73×
Gross margin21.4%-1.7%29.7%33.8%44.6%45.4%45.7%51.8%
Operating margin-69.4%-56.6%1.7%5.6%2.5%-87.7%-3.7%1.6%
Net margin-73.7%-31.6%0.5%4.9%2.7%-86.1%-3.5%0.9%
Current ratio3.49×3.76×4.81×2.58×4.34×5.16×3.2×1.45×
Debt / equity0.12×0.17×0.12×0.01×0.02×0×0.04×0.33×
Interest coverage-47.83×-27.39×3.02×9.61×12.48×-18.22×-7.51×3.77×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-57.8%-22.1%0.5%8.6%4.7%-49.4%-10.2%5.5%
Return on invested capital-46.8%-27.7%0.7%8.6%4.3%-45.5%-9.0%5.4%
Return on assets-40.0%-15.5%0.4%5.0%3.8%-38.3%-6.9%1.6%
Free cash flow yield-72.7%-11.1%-4.6%1.4%-1.4%-1.7%-2.9%1.5%
Earnings yield-80.8%-17.8%0.1%0.8%0.2%-1.9%-0.3%0.1%
Enterprise valueDKK 15.4MDKK 51.3MDKK 220.8MDKK 307.1MDKK 285.1MDKK 302.9MDKK 147.1MDKK 145.8M
Net debt / EBITDA0.86×2.03×-11.09×-5.62×-6.46×1.5×2.41×-3.22×
Cash conversion cycle (days)255266179185155275159-8