Harboes Bryggeri A/S (HARB-B.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

+20.7%

DKK 143.58

vs DKK 119.00 price

Levered DCF

-DKK 192.98

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.42

Grey zone

Rating

B+

Overall 3 / 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	17.47×	13.6×	9.44×	-72.55×	7,780×	60.16×	-6.61×	-29.76×
P/B	0.6×	0.79×	0.71×	0.46×	0.48×	0.46×	0.32×	0.54×
P/S	0.27×	0.33×	0.28×	0.19×	0.23×	0.24×	0.15×	0.28×
EV / EBITDA	6.81×	5.55×	4.16×	5.9×	4.2×	4.17×	4.63×	6.25×
Gross margin	20.3%	19.5%	19.4%	16.7%	18.2%	16.8%	18.3%	18.8%
Operating margin	2.5%	3.5%	4.2%	-0.2%	-0.1%	0.8%	-2.6%	-0.4%
Net margin	1.6%	2.5%	3.0%	-0.3%	0.0%	0.4%	-2.3%	-0.9%
Current ratio	1.39×	1.38×	1.6×	1.54×	1.66×	1.61×	1.41×	1.28×
Debt / equity	0.44×	0.29×	0.24×	0.31×	0.19×	0.22×	0.25×	0.32×
Interest coverage	4.04×	6.72×	7.91×	-0.39×	-0.16×	1.53×	-6.16×	-0.98×
Dividend yield	1.8%	1.4%	0.0%	0.0%	0.0%	0.0%	0.0%	1.2%
Payout ratio	31.2%	18.9%	0.0%	0.0%	0.0%	0.0%	0.0%	-35.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.4%	5.8%	7.5%	-0.6%	0.0%	0.8%	-4.8%	-1.8%
Return on invested capital	2.6%	4.9%	6.5%	-0.2%	-0.1%	0.6%	-3.1%	-0.5%
Return on assets	1.8%	3.2%	4.1%	-0.4%	0.0%	0.5%	-2.7%	-1.0%
Free cash flow yield	-13.9%	-4.9%	10.2%	-38.5%	15.1%	-7.9%	40.4%	9.5%
Earnings yield	5.7%	7.3%	10.6%	-1.4%	0.0%	1.7%	-15.1%	-3.4%
Enterprise value	DKK 814.9M	DKK 800.5M	DKK 658.9M	DKK 511M	DKK 411.5M	DKK 448.2M	DKK 336.2M	DKK 596.4M
Net debt / EBITDA	2.87×	1.32×	0.89×	2.29×	0.85×	1.26×	1.67×	2.22×
Cash conversion cycle (days)	92	61	72	86	63	75	56	2