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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
-481.8%
-DKK 244.35
vs DKK 64.00 price
Levered DCF
-DKK 468.15
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
3.65
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E22.32×-10.22×-2.11×-2.52×-6.44×-9.89×-6.36×-6.26×
P/B20.79×28.1×10.05×2.9×2.19×11.37×6.47×-79.41×
P/S4.81×1.37×1.71×2.52×5.1×16.72×5.51×7.6×
EV / EBITDA16.8×8.68×-43.52×-23.69×-10.52×-14.24×-10.74×-10.82×
Gross margin23.5%45.2%26.7%3.1%36.1%20.0%22.7%27.5%
Operating margin13.9%9.2%-42.4%-48.1%-78.4%-165.5%-80.9%-106.9%
Net margin21.5%-13.4%-81.0%-100.3%-79.2%-169.0%-86.7%-121.5%
Current ratio0.62×0.27×0.72×0.77×2.87×1.1×1.06×0.4×
Debt / equity2.95×21.26×10.68×3.06×0.76×1.49×2×-14.38×
Interest coverage2.67×1.12×-4.45×-5.3×-19.37×-21.79×-38.74×-38.89×
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 equity93.2%-274.9%-477.2%-115.2%-34.1%-115.0%-101.9%1269.3%
Return on invested capital15.2%8.5%-22.0%-13.3%-19.3%-44.6%-31.7%-83.4%
Return on assets20.4%-10.4%-37.4%-26.6%-18.6%-39.8%-31.1%-77.3%
Free cash flow yield5.0%7.2%-8.7%-75.6%-14.8%-11.2%-12.3%-10.3%
Earnings yield4.5%-9.8%-47.5%-39.7%-15.5%-10.1%-15.7%-16.0%
Enterprise valueDKK 828.5MDKK 301.5MDKK 296.8MDKK 348.7MDKK 298.2MDKK 622.9MDKK 226.6MDKK 243.1M
Net debt / EBITDA1.8×3.58×-19.84×-10.72×0.71×-1×-1.51×-1.6×
Cash conversion cycle (days)29-14187913-237-119