Hove A/S (HOVE.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

-168.8%

-DKK 4.80

vs DKK 6.98 price

Levered DCF

-DKK 3.51

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

Safe 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
P/E	8.96×	13.17×	42.53×	13.1×	24.71×	19.17×	48.73×
P/B	1.4×	0.94×	2.13×	1.4×	1.68×	5.25×	6.89×
P/S	0.58×	0.44×	0.81×	0.62×	0.98×	1.07×	1.1×
EV / EBITDA	5.95×	6.76×	13.14×	7.3×	13.25×	12.9×	27.56×
Gross margin	34.7%	16.9%	27.1%	24.7%	25.6%	25.9%	20.0%
Operating margin	9.6%	6.5%	6.3%	6.6%	5.5%	8.6%	3.7%
Net margin	6.5%	3.3%	1.9%	4.7%	3.8%	5.6%	2.3%
Current ratio	4.06×	4.71×	4.99×	2.57×	4.4×	2.43×	1.61×
Debt / equity	0.08×	0.08×	0.12×	0.22×	0.28×	0.95×	1.04×
Interest coverage	30.34×	12.87×	4.83×	5.12×	5.65×	6.53×	4.48×
Dividend yield	2.8%	0.0%	0.0%	0.0%	2.8%	1.9%	0.5%
Payout ratio	25.3%	0.0%	0.0%	0.0%	70.6%	37.3%	22.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.7%	7.1%	5.0%	10.6%	6.6%	27.3%	14.1%
Return on invested capital	15.5%	7.8%	6.7%	9.2%	5.5%	15.4%	8.2%
Return on assets	11.8%	5.5%	3.7%	6.2%	4.3%	10.5%	5.0%
Free cash flow yield	0.2%	-6.3%	-0.1%	-3.4%	-1.5%	-0.3%	7.5%
Earnings yield	11.2%	7.6%	2.4%	7.5%	3.9%	5.2%	2.1%
Enterprise value	DKK 126.7M	DKK 74.6M	DKK 146.6M	DKK 89.2M	DKK 92.2M	DKK 128.1M	DKK 125.7M
Net debt / EBITDA	0.21×	-0×	-0.48×	-0.42×	-1.23×	1.78×	3.35×
Cash conversion cycle (days)	144	141	111	81	110	98	72