Glunz & Jensen Holding A/S (GJ.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

+234.3%

DKK 280.79

vs DKK 84.00 price

Levered DCF

DKK 129.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.58

Grey zone

Rating

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	17.17×	47.76×	44.69×	8.47×	11.64×	138.3×	-5.45×	-12×
P/B	1.3×	1.3×	1.29×	1.38×	1.64×	1.6×	1.36×	0.95×
P/S	1.01×	1.04×	0.91×	0.98×	0.96×	0.86×	0.51×	0.36×
EV / EBITDA	12.38×	22.51×	21.13×	9.15×	10×	13.61×	-61.28×	19.74×
Gross margin	27.1%	26.3%	22.2%	26.1%	26.6%	20.7%	18.0%	19.2%
Operating margin	11.2%	6.0%	6.0%	10.6%	11.5%	3.5%	-9.1%	-1.5%
Net margin	5.9%	2.2%	2.0%	11.6%	8.2%	0.6%	-9.4%	-3.0%
Current ratio	1.55×	1.61×	1.43×	1.09×	1.06×	0.93×	0.89×	1.13×
Debt / equity	0.64×	0.69×	0.76×	0.93×	0.93×	1.31×	1.57×	0.99×
Interest coverage	3.68×	1.73×	1.65×	5.1×	6.81×	1.35×	-7.09×	-0.79×
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	7.5%	2.7%	2.9%	16.3%	14.1%	1.2%	-25.0%	-7.9%
Return on invested capital	6.0%	3.5%	3.7%	5.9%	7.8%	2.5%	-7.7%	-1.6%
Return on assets	3.8%	1.3%	1.3%	6.7%	5.5%	0.4%	-7.4%	-2.9%
Free cash flow yield	3.0%	3.6%	10.2%	-7.9%	16.0%	12.9%	-2.4%	8.9%
Earnings yield	5.8%	2.1%	2.2%	11.8%	8.6%	0.7%	-18.4%	-8.3%
Enterprise value	DKK 217.5M	DKK 206.6M	DKK 205.9M	DKK 226M	DKK 219.9M	DKK 214.6M	DKK 214.5M	DKK 166.9M
Net debt / EBITDA	4.09×	7.73×	7.77×	3.66×	3.58×	6.1×	-32.66×	9.94×
Cash conversion cycle (days)	162	155	157	223	149	135	109	85