German High Street Properties A/S (GERHSP.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

-334.2%

-DKK 153.41

vs DKK 65.50 price

Levered DCF

DKK 1.43

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.67

Distress zone

Rating

C+

Overall 2 / 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	-5.03×	-81.42×	-10.25×	-18.43×	27.45×	-8.6×	20.03×	36.29×
P/B	0.52×	0.61×	0.62×	0.96×	0.9×	0.93×	0.85×	0.78×
P/S	5.95×	8.23×	7.83×	12.64×	10.03×	9.42×	8.76×	9.68×
EV / EBITDA	-10.68×	34.35×	-20.9×	-28.42×	29.19×	-14.18×	22.78×	36.11×
Gross margin	67.2%	69.7%	65.5%	67.3%	77.4%	73.6%	77.0%	83.1%
Operating margin	36.2%	39.3%	35.3%	-50.0%	44.9%	-107.5%	59.4%	59.9%
Net margin	-118.4%	-10.6%	-76.5%	-51.6%	60.6%	-110.2%	43.6%	26.8%
Current ratio	7.63×	2.94×	1.74×	3.61×	1.97×	1.7×	1.25×	0.36×
Debt / equity	0.54×	0.44×	0.65×	0.62×	0.69×	0.75×	0.71×	0.69×
Interest coverage	1.47×	0.96×	1.09×	-3.73×	4.03×	-8.6×	4.24×	3.61×
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	-10.3%	-0.8%	-6.0%	-3.9%	5.4%	-10.9%	4.2%	2.2%
Return on invested capital	1.7%	1.9%	1.2%	-1.9%	1.8%	-4.9%	2.6%	2.3%
Return on assets	-6.2%	-0.5%	-3.4%	-2.3%	3.0%	-5.8%	2.3%	1.2%
Free cash flow yield	4.9%	1.2%	0.0%	-0.3%	4.0%	3.4%	-2.2%	5.3%
Earnings yield	-19.9%	-1.3%	-9.8%	-4.1%	6.0%	-11.7%	5.0%	2.8%
Enterprise value	DKK 56.7M	DKK 63M	DKK 70.5M	DKK 89.1M	DKK 95.6M	DKK 97.1M	DKK 99.5M	DKK 91.3M
Net debt / EBITDA	-5.11×	13.26×	-10.38×	-9.62×	11.83×	-6×	9.8×	16.44×
Cash conversion cycle (days)	-2	62	3	13	-98	-42	-134	-387