GN Store Nord A/S (GN.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

-46.2%

DKK 56.24

vs DKK 104.50 price

Levered DCF

DKK 270.60

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.57

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	23.83×	19.7×	107.01×	39.94×	30.18×	50.12×	28.17×	27.63×
P/B	1.43×	1.8×	2.54×	3×	8.51×	12.12×	8.45×	6.73×
P/S	0.92×	1.08×	1.35×	1.09×	3.36×	4.67×	3.26×	3.23×
EV / EBITDA	9×	9.61×	15.44×	14.02×	16.22×	23.8×	14.53×	15.63×
Gross margin	48.2%	53.2%	49.9%	48.9%	55.0%	54.3%	60.3%	62.0%
Operating margin	10.7%	10.3%	4.8%	5.9%	15.2%	12.1%	15.9%	16.9%
Net margin	3.9%	5.5%	1.3%	2.7%	11.1%	9.3%	11.6%	11.7%
Current ratio	1.18×	1.14×	0.65×	0.8×	1.95×	1.3×	1.25×	1.4×
Debt / equity	0.99×	1.06×	1.41×	2.39×	1.86×	1.13×	1.45×	0.76×
Interest coverage	2.81×	2.64×	1.77×	3.64×	14.44×	10.11×	6.52×	32.07×
Dividend yield	0.5%	0.0%	0.1%	1.0%	0.4%	0.3%	0.4%	0.5%
Payout ratio	13.0%	0.0%	14.0%	38.7%	10.7%	14.9%	12.2%	13.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.0%	9.1%	2.4%	7.5%	28.2%	24.2%	30.0%	24.4%
Return on invested capital	5.9%	5.9%	2.7%	3.5%	9.9%	10.6%	11.8%	14.0%
Return on assets	2.2%	3.2%	0.7%	1.7%	7.5%	7.5%	8.7%	9.5%
Free cash flow yield	16.3%	6.8%	4.9%	-5.1%	1.1%	3.4%	3.1%	3.9%
Earnings yield	4.2%	5.1%	0.9%	2.5%	3.3%	2.0%	3.5%	3.6%
Enterprise value	DKK 25.2B	DKK 30B	DKK 35.7B	DKK 35.7B	DKK 58.3B	DKK 67B	DKK 46.3B	DKK 37.5B
Net debt / EBITDA	3.46×	3.37×	4.9×	6×	1.49×	1.49×	1.66×	1.35×
Cash conversion cycle (days)	144	153	127	168	121	112	108	93