H+H International A/S (HH.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

-5.2%

DKK 90.58

vs DKK 95.50 price

Levered DCF

-DKK 81.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.22

Grey zone

Rating

C-

Overall 1 / 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	-2.3×	-24.29×	-5.85×	5.85×	13.14×	9.8×	14.98×	11.09×
P/B	1.65×	0.82×	0.91×	0.96×	2.39×	1.64×	1.67×	1.39×
P/S	0.55×	0.47×	0.54×	0.49×	1.35×	0.89×	0.79×	0.55×
EV / EBITDA	7.82×	7.45×	-212.44×	3.66×	7.9×	5.06×	6.74×	6.22×
Gross margin	16.0%	21.1%	14.2%	28.3%	30.0%	31.5%	30.9%	25.9%
Operating margin	4.3%	2.2%	1.2%	12.4%	13.2%	12.3%	8.0%	6.5%
Net margin	-24.1%	-1.9%	-9.3%	8.4%	10.3%	9.1%	5.2%	5.0%
Current ratio	1.7×	2.07×	1.86×	2.3×	2.04×	2.22×	1.53×	0.69×
Debt / equity	1.05×	0.73×	0.64×	0.56×	0.5×	0.49×	0.5×	0.66×
Interest coverage	1.57×	0.58×	0.36×	24.83×	17.3×	16.35×	8.41×	8.15×
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	-71.8%	-3.4%	-15.6%	16.4%	18.2%	16.8%	11.2%	12.5%
Return on invested capital	5.5%	2.0%	0.9%	11.0%	12.3%	10.6%	7.3%	6.8%
Return on assets	-25.0%	-1.5%	-7.2%	8.1%	9.1%	8.3%	5.5%	5.2%
Free cash flow yield	-3.7%	1.6%	-25.8%	2.8%	6.3%	12.3%	10.9%	9.2%
Earnings yield	-43.5%	-4.1%	-17.1%	17.1%	7.6%	10.2%	6.7%	9.0%
Enterprise value	DKK 2.3B	DKK 2B	DKK 2.3B	DKK 2.3B	DKK 4.4B	DKK 2.6B	DKK 2.6B	DKK 1.9B
Net debt / EBITDA	2.7×	2.58×	-80.64×	0.8×	0.63×	0.45×	1.04×	1.71×
Cash conversion cycle (days)	62	48	84	51	34	35	34	19