Fynske Bank A/S (FYNBK.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

+273.3%

DKK 757.70

vs DKK 203.00 price

Levered DCF

DKK 486.81

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.44

Distress 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	14.86×	9.05×	7.38×	32.34×	15.19×	16.53×	7.54×	7.31×
P/B	1×	0.78×	0.85×	0.81×	0.81×	0.52×	0.52×	0.59×
P/S	2.75×	1.92×	2.24×	3.91×	3.63×	2.4×	1.85×	1.96×
EV / EBITDA	6.78×	3.2×	4.07×	-3.04×	3.75×	4.19×	3.13×	2.42×
Gross margin	89.8%	85.5%	92.3%	104.7%	106.2%	103.6%	97.8%	97.5%
Operating margin	23.4%	28.2%	39.0%	14.3%	27.5%	16.6%	28.2%	29.8%
Net margin	18.5%	21.3%	30.4%	12.1%	23.9%	14.5%	24.5%	26.8%
Current ratio	21.18×	0.11×	0.08×	709,033×	1,200.84×	0.08×	0.07×	0.09×
Debt / equity	0.03×	0.15×	0.14×	0.14×	0.15×	0.13×	0.14×	0.12×
Interest coverage	3.23×	1.94×	5.05×	-3.06×	-4.44×	0×	12.84×	11.74×
Dividend yield	2.8%	4.7%	0.9%	2.2%	1.2%	0.0%	2.1%	0.0%
Payout ratio	40.9%	42.2%	6.4%	70.4%	18.6%	0.0%	15.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	8.7%	11.6%	2.5%	5.3%	3.1%	6.9%	8.0%
Return on invested capital	1.0%	7.1%	9.5%	0.5%	1.2%	2.5%	5.5%	6.5%
Return on assets	1.0%	1.3%	1.8%	0.3%	0.8%	0.4%	1.0%	1.2%
Free cash flow yield	9.1%	52.4%	-42.1%	9.0%	-0.9%	129.4%	80.3%	62.6%
Earnings yield	6.7%	11.1%	13.6%	3.1%	6.6%	6.0%	13.3%	13.7%
Enterprise value	DKK 870M	DKK 544M	DKK 842.2M	-DKK 120.2M	DKK 292.3M	DKK 188.7M	DKK 290.5M	DKK 251.7M
Net debt / EBITDA	-4.8×	-3.39×	-1.53×	-27.98×	-8.79×	-9.05×	-3.06×	-3.45×
Cash conversion cycle (days)	14	14	2	48	33	47	-53	-1